fees for scores of check clearing services. The new prices take effect Jan. 1, and are expected to raise $791.6 million, $34 million more than the Fed expected to make off these services in 1995. The Fed was unable to list exact prices for particular services because it allows the reserve banks to customize the charges to fit local markets. But projected increases for some of the more popular Fed-supplied services were provided. The cost of check collection services will increase from less than 1% for per-item processing to more than 10% for cash letter fees. Not every fee went up. The Fed either cut slightly or left unchanged all automated clearing house fees. It said that lower operating costs will allow it to earn more money, even with the price cuts. The Fed did not change several fees, including book-entry security, funds transfer, and net settlements charges. Also on Wednesday, the Fed dropped its private-sector adjustment factor by 9.4%, to $85.8 million. The Fed uses this figure to offset the advantage it has as a tax-free provider.

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