The Federal Reserve Board on Wednesday cut prices on its electronic payment services, which include Fed Wire and automated clearing house products, by an average of 17.5%.

Fed Wire fund-transfer fees will be cut by an average of 35%, saving banks nearly $28 million next year, the Fed said. Fed Wire book-entry securities-transfer fees will fall by an average of 25%, saving banks $1.4 million. The Fed also said it plans modest cuts in fees for automated clearing house services, saving about $6.2 million.

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