WASHINGTON -- Banks will pay slightly more for Federal Reserve services in 1995, the central bank announced Thursday.

The higher rates are expected to raise $763.4 million next year, or $1.4 million more than the central bank expects to make this year.

"The changes that are proposed for 1995 net a very modest increase, and there are some substantial reductions," Fed Coy. Edward W. Kelley Jr. said as he introduced the central bank's 166-page decision.

Check clearing, electronic access to Fed services, and bounced checks all will cost more next year. But, the governors lowered the cost of transferring money on the Fedwire.

Clearing fees will change depending upon how banks separate their checks. Banks pay two clearing fees, one when they submit a batch of checks and a second for each check processed.

Institutions that sort each batch of checks by bank will pay 1.6% more on average. They then would pay 2% more on average to process each check within that batch.

Banks that don't sort their checks by institution will pay 5.7% more on average for each batch submitted. They then would pay 0.4% less for each check in the batch.

Banks also will pay 5.6% more overall for bounced, stopped, or other checks an institution refuses to honor.

The exact cost of individual check clearing services are not available because the Fed offers thousands of fee structures, all of which are affected differently.

Not all rates went up. The governors dropped the fee for Fedwire transfers, which banks and corporations use to move large sums from one institution to another.

Transfers now will cost 50 cents, down 3 cents from 1994 rates.

The Fed also kept automated clearing house fees stable. Corporations use ACH for direct deposit and other services that require them to either consolidate or distribute funds.

The cost of electronically accessing the Fed, including the Fedwire and automated clearing house, will go up for the first time since 1991.

Bankers using a personal computer and modem will pay $75 a month, a $10 increase. Those maintaining a permanent computer connection, known as a multidrop system, will pay $450 a month, a $150 boost. And, those with a dedicated lease line, which has a greater capacity then the other systems, will pay $750 a month, up $50.

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