93584 Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 

a collection of information subject to the 

PRA that does not display a valid OMB 

control number. 

DATES: Written comments should be 

submitted on or before January 27, 2025. 

If you anticipate that you will be 

submitting comments but find it 

difficult to do so within the period of 

time allowed by this notice, you should 

advise the contacts below as soon as 

possible. 

ADDRESSES: Direct all PRA comments to 

Cathy Williams, FCC, via email to PRA@

fcc.gov and to Cathy.Williams@fcc.gov. 

FOR FURTHER INFORMATION CONTACT: For 

additional information about the 

information collection, contact Cathy 

Williams at (202) 418–2918. 

SUPPLEMENTARY INFORMATION: 

OMB Control Number: 3060–0706. 

Title: Sections 76.952 and 76.990, 

Cable Act Reform. 

Type of Review: Extension a currently 

approved collection. 

Respondents: Business or other forprofit entities; State, Local or Tribal 

Government. 

Number of Respondents and 

Responses: 70 respondents; 70 

responses. 

Estimated Time per Response: 1–8 

hours. 

Frequency of Response: On occasion 

reporting requirement; Third party 

disclosure requirement. 

Obligation to Respond: Required to 

obtain or retain benefits. The statutory 

authority for this collection of 

information is contained in the 

Telecommunications Act of 1996, 

Public Law 104–104, Sections 301 and 

302, 110 Stat. 56, 114–124. 

Total Annual Burden: 210 hours. 

Total Annual Cost: None. 

Needs and Uses: The information 

collection requirements contained in 47 

CFR 76.952 state that all cable operators 

must provide to the subscribers on 

monthly bills the name, mailing address 

and phone number of the franchising 

authority, unless the franchising 

authority in writing requests that the 

cable operator omits such information. 

The cable operator must also provide 

subscribers with the FCC community 

unit identifier for the cable system in 

their communities. 47 CFR 76.990(b)(1) 

requires that a small cable operator may 

certify in writing to its franchise 

authority at any time that it meets all 

criteria necessary to qualify as a small 

operator. Upon request of the local 

franchising authority, the operator shall 

identify in writing all of its affiliates 

that provide cable service, the total 

subscriber base of itself and each 

affiliate, and the aggregate gross 

revenues of its cable and non-cable 

affiliates. Within 90 days of receiving 

the original certification, the local 

franchising authority shall determine 

whether the operator qualifies for 

deregulation and shall notify the 

operator in writing of its decision, 

although this 90-day period shall be 

tolled for so long as it takes the operator 

to respond to a proper request for 

information by the local franchising 

authority. An operator may appeal to 

the Commission a local franchise 

authority’s information request if the 

operator seeks to challenge the 

information request as unduly or 

unreasonably burdensome. If the local 

franchising authority finds that the 

operator does not qualify for 

deregulation, its notice shall state the 

grounds for that decision. The operator 

may appeal the local franchising 

authority’s decision to the Commission 

within 30 days. 

Federal Communications Commission. 

Marlene Dortch, 

Secretary, Office of the Secretary. 

[FR Doc. 2024–27711 Filed 11–26–24; 8:45 am] 

BILLING CODE 6712–01–P 

FEDERAL RESERVE SYSTEM 

Change in Bank Control Notices; 

Acquisitions of Shares of a Bank or 

Bank Holding Company 

The notificants listed below have 

applied under the Change in Bank 

Control Act (Act) (12 U.S.C. 1817(j)) and 

§ 225.41 of the Board’s Regulation Y (12 

CFR 225.41) to acquire shares of a bank 

or bank holding company. The factors 

that are considered in acting on the 

applications are set forth in paragraph 7 

of the Act (12 U.S.C. 1817(j)(7)). 

The public portions of the 

applications listed below, as well as 

other related filings required by the 

Board, if any, are available for 

immediate inspection at the Federal 

Reserve Bank(s) indicated below and at 

the offices of the Board of Governors. 

This information may also be obtained 

on an expedited basis, upon request, by 

contacting the appropriate Federal 

Reserve Bank and from the Board’s 

Freedom of Information Office at 

https://www.federalreserve.gov/foia/ 

request.htm. Interested persons may 

express their views in writing on the 

standards enumerated in paragraph 7 of 

the Act. 

Comments received are subject to 

public disclosure. In general, comments 

received will be made available without 

change and will not be modified to 

remove personal or business 

information including confidential, 

contact, or other identifying 

information. Comments should not 

include any information such as 

confidential information that would not 

be appropriate for public disclosure. 

Comments regarding each of these 

applications must be received at the 

Reserve Bank indicated or the offices of 

the Board of Governors, Ann E. 

Misback, Secretary of the Board, 20th 

Street and Constitution Avenue NW, 

Washington, DC 20551–0001, not later 

than December 12, 2024. 

A. Federal Reserve Bank of Atlanta 

(Erien O. Terry, Assistant Vice 

President) 1000 Peachtree Street NE, 

Atlanta, Georgia 30309. Comments can 

also be sent electronically to 

Applications.Comments@atl.frb.org: 

1. Nitin Shah and Mili N. Shah, both 

of Lawrenceville, Georgia; as a group 

acting in concert, to retain voting shares 

of Embassy Bancshares, Inc., and 

thereby indirectly retain voting shares of 

Embassy National Bank, both of 

Lawrenceville, Georgia. 

B. Federal Reserve Bank of Kansas 

City (Jeffrey Imgarten, Assistant Vice 

President) 1 Memorial Drive, Kansas 

City, Missouri, 64198–0001. Comments 

can also be sent electronically to 

KCApplicationComments@kc.frb.org: 

1. Michael Scott Crowe, Sr., as cotrustee of the Robert E. Oliphant Trust, 

both of Kansas City, Missouri; to retain 

control of voting shares of Country 

Agencies & Investments, Inc., and 

thereby indirectly retain control of 

voting shares of Bank of Odessa, both of 

Odessa, Missouri. 

The Robert E. Oliphant Trust has 

previously been permitted to control 

voting shares of Country Agencies & 

Investments, Inc. 

Board of Governors of the Federal Reserve 

System. 

Michele Taylor Fennell, 

Associate Secretary of the Board. 

[FR Doc. 2024–27847 Filed 11–26–24; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

[Docket No. OP–1862] 

Federal Reserve Bank Services 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Notice. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) has 

approved the private-sector adjustment 

factor (PSAF) for 2025 of $31.9 million 

and the 2025 fee schedules for Federal 

Reserve priced services and electronic 

access. These actions were taken in 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 93585 

1See 12 U.S.C. 248a. See also Principles for the 

Pricing of Federal Reserve Bank Services, 46 FR 

1338, 1339 (Jan. 6, 1981), available at https://

www.federalreserve.gov/paymentsystems/pfs_

principles.htm. Although the Monetary Control Act 

does not define ‘‘over the long run,’’ the Board has 

generally measured long-run cost recovery for 

mature services to be over a 10-year rolling time 

frame. The Board currently views a 10-year cost 

recovery expectation as appropriate for assessing 

mature services, which are those that have achieved 

a critical mass of customer participation and 

generally have stable and predictable volumes, 

costs, and revenues. The 10-year recovery rate is 

based on the pro forma income statements for 

Federal Reserve priced services published in the 

Board’s Annual Report. In accordance with 

Accounting Standards Codification (ASC) 715 

Compensation—Retirement Benefits, the Reserve 

Banks recognized a $548.6 million cumulative 

reduction in equity related to the priced services’ 

benefit plans through 2023. Including this 

cumulative reduction in equity from 2014 to 2023 

results in cost recovery of 102.6 percent for the 10- 

year period. This measure of long-run cost recovery 

is also published in the Board’s Annual Report. 

2 In alignment with the Board’s Principles for the 

Pricing of Federal Reserve Bank Services, the 

Reserve Banks will continue to assess the tradeoffs 

between price stability for customers, investment in 

technology infrastructure to reflect desirable longerrun improvements in the ACH system, and the 

expectation of achieving full cost recovery for the 

FedACH Service over the long run. 

3Application of the 10-year rolling time frame 

used to evaluate mature services to the FedNow 

Service would result in prohibitively high or 

unnecessarily volatile pricing, negatively affecting 

the Federal Reserve’s public policy objectives in 

providing the service. See Federal Reserve Actions 

to Support Interbank Settlement of Instant 

Payments, 84 FR 39297, (Aug. 9, 2019). 

accordance with the Monetary Control 

Act of 1980, which requires that, over 

the long run, fees for Federal Reserve 

priced services be established based on 

all direct and indirect costs, including 

the PSAF. 

DATES: The new fee schedules become 

effective January 1, 2025. 

FOR FURTHER INFORMATION CONTACT: For 

questions regarding the fee schedules: 

Ian Spear, Deputy Associate Director, 

(202) 452–3959; Anjana Ravi, Manager, 

(202) 530–6286; Division of Reserve 

Bank Operations and Payment Systems. 

For questions regarding the PSAF: Casey 

Clark, Associate Director, (202) 912– 

7978; Jamie Noonan, Assistant Director, 

(202) 530–6296; Grace Milbank, Lead 

Financial Institution Policy Analyst, 

(202) 263–4828; Division of Reserve 

Bank Operations and Payment Systems. 

For users of TTY–TRS, please call 711 

from any telephone, anywhere in the 

United States. Copies of the 2025 fee 

schedules for Check Services are 

available from the Board, the Federal 

Reserve Banks, or the Federal Reserve 

Financial Services (FRFS) website at 

www.FRBservices.org. 

SUPPLEMENTARY INFORMATION: 

I. Private-Sector Adjustment Factor, 

Priced Services Cost Recovery, and 

Overview of 2025 Price Changes 

A. Overview—Each year, as required 

by the Monetary Control Act of 1980 

(MCA), the Reserve Banks set fees for 

priced services provided to financial 

institutions. These fees are set to 

recover, over the long run, all direct and 

indirect costs and imputed costs, 

including financing costs, taxes, and 

certain other expenses, as well as the 

return on equity (profit) that would have 

been earned if a private-sector business 

provided the services.1 The imputed 

costs and imputed profit are collectively 

referred to as the private-sector 

adjustment factor (PSAF). 

From 2014 through 2023, the Reserve 

Banks recovered 102.6 percent of their 

total expenses (including imputed costs) 

and targeted after-tax profits or return 

on equity (ROE) for the mature services. 

During that period, Check Services, the 

Fedwire® Funds Service, the National 

Settlement Service (NSS), and the 

Fedwire® Securities Service achieved 

full cost recovery. The FedACH®

Service achieved 99.0 percent cost 

recovery as a result of the Reserve 

Banks’ development and 

implementation of a multiyear 

technology initiative to modernize the 

capabilities of the FedACH Service 

processing platform. Although the 

modernized platform was implemented 

in 2021, the Reserve Banks are 

continuing to invest in platform 

capabilities, as well as resiliency, as part 

of a broader enhancement strategy.2

In its 2019 notice entitled Federal 

Reserve Actions to Support Interbank 

Settlement of Instant Payments (‘‘2019 

Notice’’), the Board communicated that 

it expects the FedNow® Service to 

achieve its first instance of long-run cost 

recovery outside the 10-year time frame 

typically applied to mature services. 

New services like the FedNow Service 

are not expected to initially have stable 

volumes, costs, and revenues.3 Thus, 

FedNow Service revenue and expenses 

are excluded from the overall 

performance projections. The FedNow 

Service is discussed in section G. 

Table 1 summarizes 2023 actual, 2024 

forecasted, and 2025 budgeted annual 

cost recovery rates for all mature priced 

services. Cost recovery is forecasted to 

be 108.8 percent in 2024 and budgeted 

to be 104.1 percent in 2025. 

TABLE 1—AGGREGATE MATURE PRICED SERVICES PRO FORMA COST AND REVENUE PERFORMANCE a

[Dollars in millions] 

Year Revenue Total expense Net income 

(ROE) 

Targeted 

ROE 

Recovery rate 

after targeted 

ROE 

(%) 

1 b 2 c 3 [1¥2] 4 d 5 e [1/(2 + 4)] 

2023 (actual) .................................................................... 507.3 467.1 40.1 8.4 106.7 

2024 (forecast) ................................................................. 520.9 468.9 52.0 9.7 108.8 

2025 (budget) ................................................................... 531.7 499.8 31.9 10.8 104.1 

a Calculations in this table and subsequent pro forma cost and revenue tables may be affected by rounding. Excludes amounts related to the 

FedNow Service. b Revenue includes imputed income on investments when equity is imputed at a level that meets minimum capital requirements and, when 

combined with liabilities, exceeds total assets. For 2025, the budgeted revenue assumes implementation of the fee changes. cThe calculation of total expense includes operating, imputed, and other expenses. Imputed and other expenses include taxes, Board of Governors priced services expenses, the cost of float, and interest on imputed debt, if any. Credits or debits related to the accounting for pension 

plans under ASC 715 are also included. dTargeted ROE is the after-tax ROE included in the PSAF. 

eThe recovery rates in this and subsequent tables do not reflect the unamortized gains or losses that must be recognized in accordance with 

ASC 715. Future gains or losses, and their effect on cost recovery, cannot be projected. 


ddrumheller on DSK120RN23PROD with NOTICES1
93586 Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 

4The FedNow Service launched in July 2023. 

Inclusive of the FedNow Service, the PSAF 

increases to $42.3 million for 2025. Per its 2019 

Notice, the Board has determined that it is most 

appropriate to report FedNow Service cost recovery 

independently of mature priced services until the 

service has relatively stable revenues and costs. 

Thus, FedNow Service revenue is excluded from 

overall performance projections for 2025. 

5Historically, Fedwire Funds volume has evolved 

in line with GDP forecasts. 

6These fee modifications will take place at the 

parent financial institution level, as defined in the 

Reserve Banks’ Global Customer Directory. ‘‘On-us’’ 

transactions include those made by the same 

financial institution, even if the financial institution 

uses multiple Routing Transit Numbers (RTNs). 

Table 2 provides an overview of cost 

recovery budgets, forecasts, and 

performance for the 10-year period from 

2014 to 2023, 2023 actual, 2024 budget, 

2024 forecast, and 2025 budget by 

mature priced service. 

TABLE 2—MATURE PRICED SERVICES COST RECOVERY

[Percent] 

Priced service 2014–2023 2023 Actual 2024 Budget a 2024 Forecast 2025 Budget b

All mature services .............................................................. 102.6 106.7 103.1 108.8 104.1 

Check ................................................................................... 106.9 102.9 95.5 102.9 97.5 

FedACH ............................................................................... 99.0 108.8 106.0 109.4 106.0 

Fedwire Funds and NSS ..................................................... 101.9 103.1 103.2 108.3 103.2 

Fedwire Securities ............................................................... 105.7 122.3 110.9 123.2 115.7 

aThe 2024 budget figures reflect the final budgets as approved by the Board in December 2023. See Board of Governors of the Federal Reserve System, 2024 Federal Reserve Banks Budgets, https://www.federalreserve.gov/foia/files/2024ReserveBankBudgets.pdf. bThe 2025 budget figures reflect preliminary budget information from the Reserve Banks. The Reserve Banks will submit final budget data to 

the Board for consideration by December 2024. 

1. 2024 Forecasted Performance—The 

Reserve Banks forecast that they will 

recover 108.8 percent of the costs of 

providing mature priced services in 

2024, including total expense and 

targeted ROE, compared with a 2024 

budgeted recovery rate of 103.1 percent, 

as shown in Table 2. Overall, the 

Reserve Banks forecast that they will 

fully recover actual and imputed costs 

and earn net income of $52.0 million, 

compared with the targeted ROE of $9.7 

million. The Reserve Banks forecast that 

all mature services will achieve full cost 

recovery in 2024. 

2. 2025 Private-Sector Adjustment 

Factor—The 2025 PSAF for Reserve 

Bank mature priced services is $31.9 

million.4 This amount represents an 

increase of $2.7 million from the 2024 

PSAF of $29.2 million. This increase is 

attributable to a $2.1 million increase in 

the cost of capital primarily driven by 

higher short-term debt and higher return 

on equity and a $0.6 million increase in 

sales tax. 

3. 2025 Projected Performance—The 

Reserve Banks project a mature priced 

services cost recovery rate of 104.1 

percent in 2025, with a net gain of $31.9 

million and targeted ROE of $10.8 

million. The Reserve Banks project that 

each of the individual mature service 

lines will achieve full cost recovery in 

2025 except for Check Services. Check 

Services are expected to under recover 

primarily because of anticipated volume 

declines. The Reserve Banks’ primary 

risks to current projections are 

unanticipated volume and revenue 

reductions and the potential for cost 

overruns from new and ongoing 

improvement initiatives. 

4. 2025 Pricing—The following 

summarizes the Reserve Banks’ changes 

to fee schedules for priced services in 

2025. For the mature services, these 

changes collectively are an average price 

increase of 2.8 percent. The price 

changes outlined below are in line with 

the Reserve Banks’ strategy to offset 

rising costs, diversify revenue sources, 

and continue to reduce pricing 

volatility. 

Check Services 

The Reserve Banks will increase 

participation fees, FedImage® fees, and 

certain forward paper and return paper 

fees. These changes will increase fixed 

fee revenue stability in light of declining 

check volumes. 

FedACH Service 

The Reserve Banks will increase 

participation fees, origination and 

receipt minimum fees, and 

FedPayments Reporter® Service fees. 

These changes will help address 

ongoing operational costs, provide 

greater revenue stability, and account 

for the additional business value 

provided by the service enhancements 

over the last several years. 

Fedwire Funds Service 

The Reserve Banks will increase the 

Fedwire Funds participation fee, the 

transfer fee for all three tiers, and the 

FedPayments® Manager Import/Export 

fee. These increases will account for 

projected declining volume growth, 

coupled with ongoing technology 

enhancements and higher operating 

costs.5 In addition, the Fedwire Funds 

Service will introduce a new fixed fee 

that will serve to better align fees with 

customer usage as well as address 

challenges associated with revenue 

volatility. 

National Settlement Service 

The Reserve Banks will increase the 

National Settlement Service per-file and 

per-entry fees. These changes will help 

address rising operational costs. 

Fedwire Securities Service 

The Reserve Banks will maintain 

prices at existing levels for all Fedwire 

Securities priced services. 

FedNow Service 

The Reserve Banks will modify the 

Customer Credit Transfer, Customer 

Credit Transfer Return, and Request for 

Payment fee components of the FedNow 

Service to exclude ‘‘on-us’’ transactions 

sent from and received at the same 

financial institution.6 This adjustment 

will both align with prevailing market 

practices and reduce inefficient offnetwork transaction activity. All other 

price points and discounts in the 

FedNow Service’s fee schedule from the 

previous year will be maintained in 

2025. 

FedLine® Solutions 

The Reserve Banks will increase the 

monthly fees for the FedLine Direct®

Solution, FedLine Command® Solution, 

and FedComplete® Packages. These 

price modifications account for 

enhancements to services and rising 

operational costs. The Reserve Banks are 

also discontinuing FedComplete 

Premier and FedLine Exchange® to 

streamline the FedLine product suite in 

response to a declining customer base 

and to simplify internal operating, 

servicing, and billing processes. Lastly, 

the Reserve Banks are preparing to 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 93587 

7 Data for U.S. publicly traded firms is from the 

Standard and Poor’s Compustat® database. This 

database contains information on more than 6,000 

U.S. publicly traded firms, which approximates 

information for the entirety of the U.S. market. 

8The pension assets are netted with the pension 

liabilities and reported as a net asset or net liability 

as required by ASC 715. 

9The FDIC rule requires that well-capitalized 

institutions meet or exceed the following standards: 

(1) total capital to risk-weighted assets ratio of at 

least 10 percent, (2) tier 1 capital to risk-weighted 

assets ratio of at least 8 percent, (3) common equity 

tier 1 capital to risk-weighted assets ratio of at least 

6.5 percent, and (4) a leverage ratio (tier 1 capital 

to total assets) of at least 5 percent. Because all of 

the Federal Reserve priced services’ equity on the 

pro forma balance sheet qualifies as tier 1 capital, 

only requirements 1 and 4 are binding. The FDIC 

rule can be located at 12 CFR 324.403(b). 

10See Board of Governors of the Federal Reserve 

System, Federal Reserve Policy on Payment System 

Risk, https://www.federalreserve.gov/ 

paymentsystems/files/psr_policy.pdf. See also 

CPMI–IOSCO, Principles for Financial Market 

Infrastructures (April 2012), https://www.bis.org/ 

cpmi/publ/d101a.pdf. 

11Certain standards may require flexibility in the 

way they are applied to central bank–operated 

systems because of central banks’ unique role in the 

financial markets and their public responsibilities. 

These principles include principle 2 on governance, 

principle 3 on the framework for the comprehensive 

management of risks, principle 4 on credit risk, 

principle 5 on collateral, principle 7 on liquidity 

risk, principle 13 on participant-default rules and 

procedures, principle 15 on general business risk, 

and principle 18 on access and participation 

requirements. See section I.B.1.a of the PSR policy. 

12This requirement does not apply to the Fedwire 

Securities Service. There are no private-sector 

competitors to the Fedwire Securities Service that 

would be expected to meet such a requirement. 

Imposing such a requirement when pricing the 

securities services could artificially increase the 

cost of these services. 

implement a fee structure for services 

offered via Application Programming 

Interfaces (APIs) in 2025. 

B. Private-Sector Adjustment Factor— 

The imputed debt financing costs, 

targeted ROE, and effective tax rate are 

based on a U.S. publicly traded market 

model.7 The method for calculating the 

financing costs in the PSAF requires 

determining the appropriate imputed 

levels of debt and equity and then 

applying the applicable financing rates. 

In this process, a pro forma balance 

sheet using estimated assets and 

liabilities associated with the Reserve 

Banks’ priced services is developed, and 

the remaining elements that would exist 

are imputed as if these priced services 

were provided by a private business 

firm. The same generally accepted 

accounting principles that apply to 

commercial-entity financial statements 

apply to the relevant elements in the 

priced services pro forma financial 

statements. 

The portion of Federal Reserve assets 

that will be used to provide priced 

services during the coming year is 

determined using information about 

actual assets and projected disposals 

and acquisitions. The priced portion of 

these assets is determined based on the 

allocation of depreciation and 

amortization expenses of each asset 

class. The priced portion of actual 

Federal Reserve liabilities consists of 

post-employment and post-retirement 

benefits, accounts payable, and other 

liabilities. The priced portion of the 

actual net pension asset or liability is 

also included on the balance sheet.8

The equity financing rate is the 

targeted ROE produced by the capital 

asset pricing model (CAPM). In the 

CAPM, the required rate of return on a 

firm’s equity is equal to the return on a 

risk-free asset plus a market risk 

premium. The risk-free rate is based on 

the three-month Treasury bill; the beta 

is assumed to be equal to 1.0, which 

approximates the risk of the market as 

a whole; and the market risk premium 

is based on the monthly returns in 

excess of the risk-free rate over the most 

recent 40 years. The resulting ROE 

reflects the return a shareholder would 

expect when investing in a private 

business firm. 

For simplicity, given that state income 

tax rates vary, and various credits and 

deductions can apply at the federal or 

state level, an actual income tax expense 

is not explicitly calculated for Reserve 

Bank priced services. Instead, the Board 

targets a pretax ROE that would provide 

sufficient income to fulfill the priced 

services’ imputed income tax 

obligations. To the extent that 

performance results are greater or less 

than the targeted ROE, income taxes are 

adjusted using the effective tax rate. 

Capital structure. The capital 

structure is imputed based on the 

imputed funding need (assets less 

liabilities), subject to minimum equity 

constraints. Short-term debt is imputed 

to fund the imputed short-term funding 

need. Long-term debt and equity are 

imputed to meet the priced services 

long-term funding need at a ratio based 

on the capital structure of the U.S. 

publicly traded market.9 Any equity 

imputed that exceeds the amount 

needed to fund the priced services’ 

assets and meet the minimum equity 

constraints is offset by a reduction in 

imputed long-term debt. When imputed 

equity is larger than what can be offset 

by imputed debt, the excess is imputed 

as investments in Treasury securities; 

income imputed on these investments 

reduces the PSAF. 

Application of the Federal Reserve 

Policy on Payment System Risk (PSR 

policy) to the Fedwire Funds Service. 

The Board’s PSR policy incorporates the 

international standards for financial 

market infrastructures (FMIs) developed 

by the Committee on Payments and 

Market Infrastructures (CPMI) and the 

Technical Committee of the 

International Organization of Securities 

Commissions (IOSCO) known as the 

Principles for Financial Market 

Infrastructures.10 The Board recognizes 

the critical role the Fedwire Services, 

including the Fedwire Funds Service, 

play in the financial system and 

requires them to meet or exceed the 

risk-management standards in the PSR 

policy, consistent with relevant 

guidance and the requirements in the 

MCA.11 Principle 15 states that an FMI 

should identify, monitor, and manage 

general business risk and hold sufficient 

liquid net assets funded by equity to 

cover potential general business losses 

so that it can continue operations and 

services as a going concern if those 

losses materialize. Further, liquid net 

assets should at all times be sufficient 

to ensure a recovery or orderly winddown of critical operations and services. 

The Fedwire Funds Service does not 

face the risk that a business shock 

would cause the service to wind down 

in a disorderly manner and disrupt the 

stability of the financial system. To 

foster competition with private-sector 

FMIs, however, the Reserve Banks’ 

priced services will hold an amount 

equivalent to six months of the Fedwire 

Funds Service’s current operating 

expenses as liquid financial assets and 

equity on the pro forma balance sheet.12

Current operating expenses are defined 

as normal business operating expenses 

on the income statement, less 

depreciation, amortization, taxes, and 

interest on debt. Using the Fedwire 

Funds Service’s preliminary 2025 

budget, six months of current operating 

expenses would be $71.7 million. In 

2025, equity was sufficient to meet the 

FDIC capital requirements and $6.7 

million of equity was imputed to meet 

the PSR policy requirement. 

Effective tax rate. Like the imputed 

capital structure, the effective tax rate is 

calculated based on data from U.S. 

publicly traded firms. The tax rate is the 

mean of the weighted average rates of 

the U.S. publicly traded market over the 

past five years. 

Debt and equity financing. The 

imputed short- and long-term debt 

financing rates are derived from the 

nonfinancial commercial paper rates 

from the Federal Reserve Board’s H.15 

Selected Interest Rates release (AA and 

A2/P2) and the annual Merrill Lynch 

Corporate & High Yield Index rate, 

respectively. The equity financing rate 

is described above. The rates for debt 


ddrumheller on DSK120RN23PROD with NOTICES1
93588 Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 

13Credit float, which represents the difference 

between items in process of collection and deferred 

credit items, occurs when the Reserve Banks debit 

the paying bank for transactions before providing 

credit to the depositing bank. Float is directly 

estimated at the service level. 

and equity financing are applied to the 

priced services’ estimated imputed 

short-term debt, long-term debt, and 

equity needed to finance short- and 

long-term assets and meet equity 

requirements. 

The 2025 PSAF is $31.9 million, 

compared with $29.2 million in 2024. 

The increase of $2.7 million is 

attributable to a net $2.1 million 

increase in the cost of capital and a $0.6 

million increase in sales tax. The net 

$2.1 million increase in cost of capital 

is primarily driven by a $1.3 million 

increase in ROE imputed to meet the 

PSR policy requirements and higher 

short-term debt resulting in a $0.5 

million increase in cost of debt. 

The PSAF expense of $31.9 million, 

detailed in Table 5, includes $19.8 

million for capital funding, $7.6 million 

for Board of Governors’ expense, and 

$4.5 million in sales tax expense. 

As shown in Table 3, 2025 total assets 

of $890.3 million increased by $74.2 

million from 2024. The net increase in 

total assets includes an additional $90.7 

million in imputed investments and 

short-term assets partially offset by a 

$16.5 million decrease in long-term 

assets. 

The net increase of $90.7 million 

primarily consists of a $80.8 million 

increase in the imputed investments 

and a $9.9 million increase driven by 

short-term assets, The imputed 

investment increase reflects a $74 

million increase from float 13 and a $6.7 

million increase to comply with the PSR 

policy. The $9.9 million increase in 

short-term assets is driven by an 

increase in prepaid expenses. 

The $16.5 million decrease in the 

long-term assets is primarily driven by 

a $38.0 million decrease in the net 

pension asset, partially offset by a $20.3 

million increase in premises, furniture 

and equipment, and software and 

leasehold improvements. 

The capital structure of the 2025 pro 

forma balance sheet, provided in Table 

4, is composed of equity of $71.7 

million, or 12.6 percent of the 2025 riskweighted assets detailed in Table 6, and 

long-term debt of $96.1 million. The 

2025 capital structure aligns with that of 

2024, which was composed of $68.5 

million of equity and $100.3 million of 

long-term debt. As shown in Table 5, 

the 2025 initially imputed equity 

required to fund assets and meet the 

publicly traded firm model capital 

requirements is $65.0 million. As longterm assets are marginally greater than 

long-term liabilities, long-term debt of 

$96.1 million was imputed at the 

observed market ratio of 59.7 percent. 

The equity of $65.0 million was 

adequate to meet the FDIC capital 

requirements for a well-capitalized 

institution. Additional equity of $6.7 

million was imputed to satisfy PSR 

policy requirements. 

The net accumulated other 

comprehensive loss is $563.3 million, 

compared with $551.0 million in 2024. 

The $12.3 million increase is primarily 

attributable to a lower discount rate. 

The net accumulated other 

comprehensive loss position does not 

reduce the total imputed equity required 

to fund priced services assets or fulfill 

the FDIC equity requirements for a wellcapitalized institution. 

TABLE 3—COMPARISON OF PRO FORMA BALANCE SHEETS FOR BUDGETED FEDERAL RESERVE MATURE PRICED

SERVICES a

[Millions of dollars—projected average for year] 

2025 2024 Change 

Short-term assets: 

Receivables .......................................................................................................................... $ 44.3 $ 41.8 $ 2.5 

Inventory ............................................................................................................................... 0.4 0.2 0.2 

Prepaid expenses ................................................................................................................. 34.2 24.0 10.2 

Items in process of collection 13 ........................................................................................... 58.0 61.0 (3.0) 

Total short-term assets ................................................................................................. 136.9 127.0 9.9 

Imputed investments: 14 ........................ ........................ ........................

Imputed investment in Treasury securities .......................................................................... 6.8 ........................ 6.8 

Imputed investment in Fed Funds ........................................................................................ 293.0 219.0 74.0 

Total imputed investments ............................................................................................ 299.8 219.0 80.8 

Long-term assets: ........................ ........................ ........................

Premises 15 * ......................................................................................................................... 105.3 99.4 5.9 

Furniture and equipment ...................................................................................................... 60.8 53.9 6.9 

Software and leasehold improvements ................................................................................ 74.5 67.0 7.5 

Net pension asset ................................................................................................................. 82.4 120.4 (38.0) 

Deferred tax asset ................................................................................................................ 130.6 129.4 1.2 

Total long-term assets ................................................................................................... 453.6 470.1 (16.5) 

Total assets ............................................................................................................ 890.3 816.1 74.2 

Short-term liabilities: 

Deferred credit items ............................................................................................................ 351.0 280.0 71.0 

Short-term debt ..................................................................................................................... 42.2 32.7 9.5 

Short-term payables ............................................................................................................. 36.8 33.4 3.4 

Total short-term liabilities .............................................................................................. 430.0 346.0 84.0 

Long-term liabilities: 

Postemployment/postretirement benefits and net pension liabilities 16 ................................ 292.5 301.2 (8.7) 

Long term debt ..................................................................................................................... 96.1 100.3 (4.2) 

Total liabilities ................................................................................................................ 818.6 747.6 71.0 

Equity 17* ........................................................................................................................ 71.7 68.5 3.2 


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TABLE 3—COMPARISON OF PRO FORMA BALANCE SHEETS FOR BUDGETED FEDERAL RESERVE MATURE PRICED

SERVICES a—Continued 

[Millions of dollars—projected average for year] 

2025 2024 Change 

Total liabilities and equity ....................................................................................... 890.3 816.1 74.2 

a Calculations in this table and subsequent PSAF tables may be affected by rounding. Excludes amounts related to the FedNow Service. 

* Premises, postemployment/postretirement benefits and net pension liabilities, and equity restated for 2024. 

TABLE 4—IMPUTED FUNDING FOR MATURE PRICED-SERVICES ASSETS a

[Millions of dollars] 

2025 2024 

A. Short-term asset financing: ........................ ........................

Short-term assets to be financed:.

Receivables ............................................................................................................................................... $ 44.3 $ 41.8 

Inventory .................................................................................................................................................... 0.4 0.2 

Prepaid expenses ...................................................................................................................................... 34.2 24.0 

Total short-term assets to be financed .............................................................................................. 78.9 66.0 

Short-term payables .................................................................................................................................. 36.8 33.4 

Net short-term assets to be financed ............................................................................................................... 42.2 32.7 

Imputed short-term debt financing 18 ................................................................................................................ 42.2 32.7 

B. Long-term asset financing: .................................................................................................................................. ........................ ........................

Long-term assets to be financed: ..................................................................................................................... ........................ ........................

Premises * .................................................................................................................................................. 105.3 99.4 

Furniture and equipment ........................................................................................................................... 60.8 53.9 

Software and leasehold improvements ..................................................................................................... 74.5 67.0 

Net pension asset ..................................................................................................................................... 82.4 120.4 

Deferred tax asset ..................................................................................................................................... 130.6 129.4 

Total long-term assets to be financed ............................................................................................... 453.6 470.1 

Postemployment/postretirement benefits and net pension liabilities * ...................................................... 292.5 301.2 

Net long-term assets to be financed * ....................................................................................................... 161.1 168.9 

Imputed long-term debt 21 ......................................................................................................................... 96.1 100.3 

Imputed equity 21 ....................................................................................................................................... 65.0 68.5 

Total long-term financing * ................................................................................................................. 161.1 168.9 

aExcludes amounts related to the FedNow Service. 

* Premises and postemployment/postretirement benefits and net pension liabilities, net long-term assets to be financed and total long-term financing restated for 2024. 

TABLE 5—DERIVATION OF THE PSAF FOR MATURE PRICED SERVICES a

[Dollars in millions] 

2025 2024 

Debt Equity Debt Equity 

A. Imputed long-term debt and equity: 

Net long-term assets to finance ....................................................... $ 161.1 $ 161.0 $ 168.9 $ 168.9 

Capital structure observed in market ............................................... 59.7% 40.3% 59.4% 40.6% 

Pre-adjusted long-term debt and equity ........................................... $ 96.1 $ 65.0 $ 100.3 $ 68.5 

Equity adjustments: 19 ....................................................................... ............................ ........................ ............................ ........................

Equity to meet capital requirements ................................................. ............................ $ 65.0 ............................ $ 68.5 

Adjustment to debt and equity funding given capital requirements 20 .... ............................ ........................ ............................ ........................

Adjusted equity balance .......................................................................... ............................ $ 65.0 ............................ $ 68.5 

Equity to meet capital requirements 21 ............................ ........................ ............................ ........................

Total imputed long-term debt and equity * ................................ 96.1 65.0 100.3 68.5 

B. Cost of capital: ............................ ........................ ............................ ........................

Elements of capital costs: ................................................................ ............................ ........................ ............................ ........................

Short-term debt 22 ............................................................................. $ 42.2 × 5.4% = $ 2.3 $ 32.7 × 5.4% = $ 1.8 

Long-term debt 22 .............................................................................. $ 96.1 × 4.4% = 4.2 $ 100.3 × 4.0% = $ 4.0 

Equity 23 ............................................................................................ $ 65.0 × 18.6% = $ 12.1 $ 68.5 × 17.4% = $ 11.9 

C. Incremental cost of PSR policy: ............................ ........................ ............................ ........................

Equity to meet policy ........................................................................ $ 6.7 × 18.6% = $ 1.3 $ = × 17.4% = $ = 

D. Other required PSAF costs: ............................ ........................ ............................ ........................

Sales taxes ....................................................................................... ............................ $ 4.5 ............................ $ 3.9 

Board of Governors expenses ......................................................... ............................ 7.6 ............................ 7.6 

............................ $ 12.1 ............................ $ 11.5 

E. Total PSAF: ............................ $ 31.9 ............................ $ 29.2 


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93590 Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 

TABLE 5—DERIVATION OF THE PSAF FOR MATURE PRICED SERVICES a—Continued 

[Dollars in millions] 

2025 2024 

Debt Equity Debt Equity 

As a percent of assets ..................................................................... ............................ 3.6% ............................ 3.6% 

As a percent of expenses ................................................................ ............................ 3.4% ............................ 3.6% 

F. Tax rates ............................ 18.91% ............................ 18.84% 

aExcludes amounts related to the FedNow Service. 

* Total imputed long-term debt restated for 2024. 

TABLE 6—COMPUTATION OF 2025 CAPITAL ADEQUACY FOR FEDERAL RESERVE MATURE PRICED SERVICES a

[Dollars in millions] 

Assets Risk weight Weighted 

assets 

Imputed investments: ........................ ........................ ........................

1-Year Treasury securities 24 ................................................................................................ $ 6.7 0.0 $ = 

Federal funds 25 .................................................................................................................... 293.0 0.2 58.6 

Total imputed investments ............................................................................................ 299.8 ........................ 58.9 

Receivables .......................................................................................................................... 44.3 0.2 8.9 

Inventory ............................................................................................................................... 0.4 1.0 0.4 

Prepaid expenses ................................................................................................................. 34.2 1.0 34.2 

Items in process of collection ............................................................................................... 58.0 0.2 11.6 

Premises ............................................................................................................................... 105.3 1.0 105.3 

Furniture and equipment ...................................................................................................... 60.8 1.0 60.8 

Software and leasehold improvements ................................................................................ 74.5 1.0 74.5 

Pension asset ....................................................................................................................... 82.4 1.0 82.4 

Deferred tax asset ................................................................................................................ 130.6 1.0 130.6 

Total ............................................................................................................................... 890.3 ........................ 567.6 

Imputed equity: ........................ ........................ ........................

Capital to risk-weighted assets ............................................................................................ 12.6% ........................ ........................

Capital to total assets ........................................................................................................... 8.1% ........................ ........................

aExcludes amounts related to the FedNow Service. 

C. Check Services—Table 7 shows the 

2023 actual, 2024 forecasted, and 2025 

budgeted cost-recovery performance for 

commercial check services. 

TABLE 7—CHECK SERVICES PRO FORMA COST AND REVENUE PERFORMANCE

[Dollars in millions] 

Year Revenue Total 

expense 

Net income 

(ROE) 

Targeted 

ROE 

Recovery rate 

after targeted 

ROE 

1 2 3 [1¥2] 4 5 [1/(2 + 4)] 

2023 (actual) .................................................................... 111.8 107.4 4.4 1.3 102.9 

2024 (forecast) ................................................................. 110.2 105.0 5.2 2.1 102.9 

2025 (budget) ................................................................... 107.1 107.8 (0.7) 2.1 97.5 

1. 2024 Forecast—The Reserve Banks 

forecast that Check Services will recover 

102.9 percent of total expenses and 

targeted ROE, compared with a 2024 

budgeted recovery rate of 95.5 percent. 

Through August 2024, total 

commercial forward and total 

commercial return check volumes were 

6.8 percent lower and 2.9 percent 

greater, respectively, than they were 

during the same period last year. For 

full-year 2024, the Reserve Banks 

estimate that their total forward check 

volume will decline 6.3 percent 

(compared with a budgeted decline of 

8.0 percent), and their total return check 

volume will increase 1.6 percent 

(compared with a budgeted decline of 

7.0 percent) from 2023 levels. The 

Reserve Banks expect that check 

volumes will continue to decline 

because of ongoing substitution away 

from checks to other payment 

instruments. 

2. 2025 Pricing—The Reserve Banks 

expect Check Services to recover 97.5 

percent of total expenses and targeted 

ROE in 2025. The Reserve Banks project 

revenue to be $107.1 million, a decline 

of $3.1 million, or 2.8 percent from the 

2024 forecast. Total expenses for Check 

Services are projected to be $107.8 

million, an increase of $2.8 million, or 

2.7 percent, from 2024 forecasted 

expenses. 

As check volumes continue to 

decline, the pricing increases are 

intended to help stabilize check 

revenues, to shift the revenue mix 


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14Consistent with the PSR policy, the Reserve 

Banks’ priced services will hold an amount 

equivalent to six months of the Fedwire Funds 

Service’s current operating expenses as liquid net 

financial assets and equity on the pro forma balance 

sheet. Six months of the Fedwire Funds Service’s 

projected current operating expenses is $71.7 

million. In 2025, $6.7 million of additional equity 

was imputed to meet PSR policy requirements. 

15 Includes the allocation of Board of Governors 

assets to priced services of $5.2 million for 2025 

and $3.5 million for 2024. 

16 Includes the allocation of Board of Governors 

liabilities to priced services of $1.4 million for 2025 

and $1.2 million for 2024. 

17 Includes an accumulated other comprehensive 

loss of $563.3 million for 2025 and $551.0 million 

for 2024, which reflects the ongoing amortization of 

the accumulated loss in accordance with ASC 715. 

Future gains or losses, and their effects on the pro 

forma balance sheet, cannot be projected. See Table 

5 for calculation of required imputed equity 

amount. 

18 Imputed short-term debt financing is computed 

as the difference between short-term assets and 

short-term liabilities. As presented in Table 5, the 

financing costs of imputed short-term debt, imputed 

long-term debt and imputed equity are the elements 

of cost of capital, which contribute to the 

calculation of the PSAF. 19 If minimum equity constraints are not met after 

imputing equity based on the capital structure 

observed in the market, additional equity is 

imputed to meet these constraints. The long-term 

funding need was met by imputing long-term debt 

and equity based on the capital structure observed 

in the market (see Tables 4 and 6). In 2025, the 

amount of imputed equity met the minimum equity 

requirements for risk-weighted assets. 

20Equity adjustment offsets are due to a shift of 

long-term debt funding to equity in order to meet 

FDIC capital requirements for well-capitalized 

institutions. 21Additional equity in excess of that needed to 

fund priced services assets is offset by an asset 

balance of imputed investments in Treasury 

securities. 22 Imputed short-term debt and long-term debt are 

computed in Table 4. 23The 2025 ROE is equal to a risk-free rate plus 

a risk premium (beta * market risk premium). The 

2025 after-tax CAPM ROE is calculated as 5.52% + 

(1.0 * 9.54%) = 15.06%. Using a tax rate of 18.9%, 

the after-tax ROE is converted into a pretax ROE, 

which results in a pretax ROE of (15.06%/(1– 

18.9%)) = 18.57%. Calculations may be affected by 

rounding. 

24 If minimum equity constraints are not met after 

imputing equity based on all other financial 

statement components, additional equity is imputed 

to meet these constraints. Additional equity 

imputed to meet minimum equity requirements is 

invested solely in Treasury securities. The imputed 

investments are similar to those for which rates are 

available on the Federal Reserve’s H.15 statistical 

release, available at https://www.federalreserve.gov/ 

releases/h15/. 

25The investments are imputed based on the 

amounts arising from the collection of items before 

providing credit according to established 

availability schedules. 

26This fee is charged to financial institutions that 

have received any Check 21 electronic or substitute 

check volume (forward or return) from the Reserve 

Banks during the month. The fee is applied at the 

parent financial institution level, as defined in the 

Reserve Banks’ Global Customer Directory. Each 

financial institution’s tier assignment is determined 

by the criteria described in the FedForward 

Standard Endpoint Tier Listing. 

27The 2025 fees are not listed for Back File 

Conversion and Electronic On-Us given their 

consolidation into a single service at the new 

FedImage Enhanced Truncation price point. 

toward fixed fees, and to continue a 

value-based pricing strategy for 

financial institutions that use the 

service. To that end, the Reserve Banks 

will increase the pricing tiers for the 

fixed monthly participation fees. For the 

participation fees, Tier 1 will increase 

by $125, Tier 2 will increase by $80, 

Tier 3 will increase by $50, and Tier 4 

will increase by $10. These fee changes 

support the cost of maintaining FRFS 

Check Services infrastructure as fewer 

checks are written each year and follow 

the Check Services business line’s 

pricing strategy to increase the share of 

revenue collected through fixed fees. 

Table 8 displayed below shows the 

2025-tiered participation fees. 

TABLE 8—CHECK 21 PARTICIPATION FEE STRUCTURE

Tier 26 Monthly fee 

1 .................................................................................................................................................................................................................................... $550 

2 .................................................................................................................................................................................................................................... 340 

3 .................................................................................................................................................................................................................................... 215 

4 .................................................................................................................................................................................................................................... 90 

The Reserve Banks will also increase 

the fees for each of the services in the 

FedImage suite by approximately 10% 

and merge the Back File Conversion and 

Electronic On-Us services with the 

FedImage Enhanced Truncation service 

into a single service at the new 

FedImage Enhanced Truncation price 

point. These changes will better reflect 

the value of services provided to 

customers and help simplify the 

services in the face of declining 

volumes. Table 9 below shows the 2025 

FedImage services fees. 

TABLE 9—2025 FEDIMAGE SERVICES FEES 27

FedImage Services 

2024 Fees 2025 Fees 

Fixed/CL Item Fixed/CL Item 

Image Archive: 

30 business day archive ............................................................................................................ ........................ $ 0.0013 ........................ $ 0.0014 

60 business day archive ............................................................................................................ ........................ 0.0015 ........................ 0.0017 

7 Year archive/11 year archive .................................................................................................. ........................ 0.0024 ........................ 0.0026 

Extended RAID Storage: 

61 days to 6 months .................................................................................................................. ........................ 0.0012 ........................ 0.0013 

61 days to 12 months ................................................................................................................ ........................ 0.0029 ........................ 0.0032 

61 days to 24 months ................................................................................................................ ........................ 0.0074 ........................ 0.0081 

Image Retrievals: 

Subscription Retrieval ................................................................................................................ ........................ 0.0032 ........................ 0.0035 

Manual FedImage Requests ...................................................................................................... ........................ 8.80 ........................ 10.00 

Back File Conversion ................................................................................................................. 5.17 0.0146 ........................ ........................

Electronic On-Us Service .................................................................................................................. 5.17 0.0146 8.80 ........................

Truncation: 

FedImage Enhanced Truncation ............................................................................................... 7.98 0.0132 8.80 0.0145 

Return Retrieval ......................................................................................................................... ........................ 1.54 ........................ 1.70 

Custom Sort Fee ........................................................................................................................ 192.50 ........................ 212.00 ........................

Additionally, the Reserve Banks will 

increase certain forward paper fees. 

Specifically, the Reserve Banks will 

increase the Canadian cash letter fees 

for U.S. and Canadian funds by $2.00, 

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item fee by $0.50, and the Mixed 

Forward Products (domestic paper 

checks) cash letter fee by $2.00 and peritem fee by $0.50. Table 10 below shows 

the 2025 forward paper fees. 

TABLE 10—2025 FORWARD PAPER CHECK CLEARING FEES

Forward paper check Fixed/CL Item 

Canadian—US Funds .............................................................................................................................................. $ 19.00 $ 6.50000 

Canadian—Canadian Funds ................................................................................................................................... 19.00 6.50000 

Canadian Amount Encoding .................................................................................................................................... ........................ 2.50000 

Mixed Paper Deposits ............................................................................................................................................. 19.00 5.00000 

The Reserve Banks will increase 

certain return fees and will implement 

a new tiered fee structure for the Large 

Dollar Return Item Notification (LDRIN) 

via the FedLine Web® Solution. The 

fees for the new LDRIN via FedLine 

Web tiers will be $3.50 for Tier 1, for 

customers with greater than 5,000 

monthly items, and $5.00 for Tier 2, for 

customers with less than 5,000 monthly 

items. Additionally, the Return Item 

Reclear cash letter fee will increase by 

$1.00 and the per-item fee will increase 

by $0.10. The Qualified and Unqualified 

Return Item cash letter fee will increase 

by $2.00 and the per-item fee will 

increase by $0.50. Lastly, the return 

Item Qualification per-item fee will 

increase by $1.00. Table 11 below shows 

the 2025 return fees and new LDRIN via 

FedLine Web tiers. 

TABLE 11—2025 RETURN LEGACY/PAPER FEES

Return paper check Fixed/CL Item 

LDRIN via FedLine for the Web: 

Tier 1 (Greater than 5,000 monthly) ................................................................................................................ ........................ $ 3.50 

Tier 2 (Less than 5,000 monthly) ..................................................................................................................... ........................ 5.00 

Return Item Reclear: ........................ ........................

Level 1 (Items valued up to $100) ................................................................................................................... $12.00 0.85 

Level 2 (Items valued up to $250) ................................................................................................................... 12.00 0.95 

Level 3 (Items valued up to $500) ................................................................................................................... 12.00 1.05 

Level 4 (Items valued up to $1,000) ................................................................................................................ 12.00 1.15 

Qualified Return Items ............................................................................................................................................. 19.00 8.50 

Unqualified Return Items ......................................................................................................................................... 19.00 8.50 

Unencoded Qualification .......................................................................................................................................... ........................ 11.00 

The Reserve Banks’ primary risk to 

current projections for Check Services is 

a greater than expected decline in check 

volume due to the general reduction in 

check writing, substitution away from 

checks to other payment instruments, 

and competition from correspondent 

banks, aggregators, and direct 

exchanges, which could result in lower 

than anticipated revenue. The Reserve 

Banks estimate these cumulative price 

changes will result in a 2.8 percent 

average increase for Check Services 

customers. 

D. FedACH Services—Table 12 shows 

the 2023 actual, 2024 forecasted, and 

2025 budgeted cost-recovery 

performance for commercial FedACH 

Services. 

TABLE 12—FEDACH SERVICES PRO FORMA COST AND REVENUE PERFORMANCE

[Dollars in millions] 

Year Revenue Total expense Net income 

(ROE) 

Targeted 

ROE 

Recovery rate 

after targeted 

ROE 

1 2 3 [1¥2] 4 5 [1/(2 + 4)] 

2023 (actual) .................................................................... 183.8 166.5 17.1 2.3 108.8 

2024 (forecast) ................................................................. 189.0 169.0 20.0 3.7 109.4 

2025 (budget) ................................................................... 194.4 179.7 14.7 3.7 106.0 

1. 2024 Forecast—The Reserve Banks 

forecast that FedACH Services will 

recover 109.4 percent of total expenses 

and targeted ROE, compared with a 

2024 budgeted recovery rate of 106.0 

percent. 

Through August 2024, FedACH 

commercial origination and receipt 

volume were 7.7 percent higher and 5.3 

percent higher, respectively, than they 

were during the same period last year. 

For full-year 2024, the Reserve Banks 

estimate that FedACH commercial 

origination and receipt volume will 

increase 6.7 percent and 4.7 percent, 

respectively, from 2023 levels, 

compared with a budgeted increase of 

3.5 percent for both commercial 

origination and receipt. 

2. 2025 Pricing—The Reserve Banks 

expect FedACH Services to recover 

106.0 percent of total expenses and 

targeted ROE in 2025. The Reserve 

Banks project revenue to be $194.4 

million, an increase of $5.4 million, or 

2.9 percent, from the 2024 forecast. 

Total expenses are projected to be 

$179.8 million, an increase of $10.8 


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28The FedACH Minimum Fee applies to any RTN 

that has originated or received a FedACH 

transaction during a calendar month. The customer 

is charged their normal item fees plus a variable 

amount that closes the gap to the minimum. For 

example, an RTN originating 10K items in a month 

pays $35 in item fees (10K items times $0.0035 per 

item) and $15 in minimum fees so that their total 

origination fees are $50. Another RTN paying $51 

in item fees would be charged an effective 

minimum fee of $0. Only one minimum threshold 

applies in any given period, with RTNs subject to 

the Receipt Minimum fee only if they did not 

originate any items. 

29The FedPayments Reporter Service for the 

FedACH Services provides financial institutions 

and their customers with reports of their ACH 

transactions processed by FedACH including 

valuable business information. 

million, or 6.4 percent, from the 2024 

forecast. 

The Reserve Banks will increase the 

monthly ACH Participation fee from $75 

to $80 per RTN. The Reserve Banks will 

also increase the monthly ACH 

Origination Minimum fee from $50 to 

$55 and Receipt Minimum fee from $40 

to $45 per RTN.28 The ACH 

Participation and Minimum Fee price 

changes are driven by ongoing 

operational costs and a continued focus 

on growing fixed fee revenue 

generation. 

In addition, the Reserve Banks will 

increase the FedACH FedPayments 

Reporter Service fees from 6 to 11 

percent as shown in Table 13.29 The 

FedPayments Reporter Service has 

continued to evolve and improve with 

enhanced features such as new intraday 

generation capabilities for select reports 

and the integration of an upgraded 

Electronic Data Interchange (EDI) parser. 

These efforts have increased both the 

costs of providing the FedPayments 

Reporter Service and the value it offers 

to customers. 

TABLE 13—FEDACH FEDPAYMENTS REPORTER SERVICE FEES

Tiers 2025 Monthly fee 

Tier 1—Up to 50 reports .............................................................................................................................................................. $50 

Tier 2—From 51 to 150 reports ................................................................................................................................................... 72 

Tier 3—From 151 to 500 reports ................................................................................................................................................. 133 

Tier 4—From 501 to 1,000 reports .............................................................................................................................................. 245 

Tier 5—From 1,001 to 1,500 reports ........................................................................................................................................... 355 

Tier 6—From 1,501 to 2,500 reports ........................................................................................................................................... 555 

Tier 7—From 2,501 to 3,500 reports ........................................................................................................................................... 775 

Tier 8—From 3,501 to 4,500 reports ........................................................................................................................................... 990 

Tier 9—From 4,501 to 5,500 reports ........................................................................................................................................... 1,200 

Tier 10—From 5,501 to 7,000 reports ......................................................................................................................................... 1,460 

Tier 11—From 7,001 to 8,500 reports ......................................................................................................................................... 1,700 

Tier 12—From 8,501 to 10,000 reports ....................................................................................................................................... 1,930 

Tier 13—Over 10,000 reports ...................................................................................................................................................... 2,100 

The Reserve Banks estimate these 

cumulative price changes will result in 

a 1.4 percent average increase for 

FedACH customers. 

The Reserve Banks’ primary risk to 

current projections for the FedACH 

Service are lower-than-projected 

volumes and growth due to potential 

customer attrition. 

E. Fedwire Funds Service and 

National Settlement Service—Table 14 

shows the 2023 actual, 2024 forecasted, 

and 2025 budgeted cost-recovery 

performance for the Fedwire Funds 

Service and the National Settlement 

Service. 

TABLE 14—FEDWIRE FUNDS SERVICE AND NATIONAL SETTLEMENT SERVICE PRO FORMA COST AND REVENUE

PERFORMANCE

[Dollars in millions] 

Year Revenue Total expense Net income 

(ROE) 

Targeted 

ROE 

Recovery rate 

after targeted 

ROE 

1 2 3 [1¥2] 4 5 [1/(2 + 4)] 

2023 (actual) .................................................................... 162.5 153.4 9.1 4.3 103.1 

2024 (forecast) ................................................................. 169.2 153.1 16.1 3.0 108.3 

2025 (budget) ................................................................... 174.4 164.9 9.5 4.1 103.2 

1. 2024 Forecast—The Reserve Banks 

forecast that the Fedwire Funds Service 

and the National Settlement Service will 

recover 108.3 percent of total expenses 

and targeted ROE, compared with a 

2024 budgeted recovery rate of 103.2 

percent. 

Through August 2024, Fedwire Funds 

Service online volume has been 5.9 

percent higher than it was during the 

same period last year. The Reserve 

Banks expect volume to remain near 

this level through the remainder of 

2024. Through August 2024, the 

National Settlement Service settlement 

file volume was 0.3 percent higher than 

it was during the same period last year, 

and settlement entry volume was 0.5 

percent higher. For full-year 2024, the 

Reserve Banks estimate that settlement 

file volume will decrease 0.3 percent 

(compared with a budgeted decrease of 

0.1 percent) and settlement entry 

volume will increase 0.4 percent 

(compared with a budgeted 0.4 percent 

increase) from 2023 levels. 

2. 2025 Pricing—The Reserve Banks 

expect the Fedwire Funds Service and 

the National Settlement Service to 

recover 103.2 percent of total expenses 

in 2025. The Reserve Banks project 

revenue to be $174.4 million, an 

increase of $5.2 million, or 3.1 percent 

from the 2024 forecast. The Reserve 

Banks project total expenses to be 

$164.9 million, an increase of 11.8 


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93594 Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 

30 In October 2021, the Board announced that the 

Federal Reserve Banks will adopt the ISO 20022 

message format for the Fedwire Funds Service. See 

New Message Format for the Fedwire Funds Service, 

86 FR 55600 (Oct. 6, 2021). 

31The National Settlement Service expanded its 

hours to 21.5 hours per day in 2022, with a new 

9:00 p.m. ET open for the next business day. 

32 Volume-based pricing for Fedwire Funds was 

introduced in 1999. The analysis that led to 

volume-based pricing showed that Fedwire Funds 

can benefit from charging different prices to 

different areas of the market based on customer 

volume. When considering ways to increase fixed 

revenue, the Board re-examined this analysis and 

has concluded that establishing fixed revenue 

sources based on customer volume will benefit the 

Fedwire Funds service in a similar fashion to 

volume-based pricing for gross origination and 

receipt fees. 

33Tiers are based on monthly total volume (send 

and receive) at the master account level: 0–14,000 

messages (Tier 1); 14,001–90,000 (Tier 2), and all 

volume above 90,000 messages (Tier 3). 

34For example, if a parent customer has affiliates 

in the Tier 2 and Tier 3 volume thresholds, the 

parent will be assessed the corresponding $500 Tier 

3 monthly fee. 

35The new Monthly Fixed Fee will not be 

applicable to customers in the Tier 1 volume level. 

36Fedwire Funds Service volume growth reflects 

economic growth. For example, its volume has 

grown every year except for 2008 and 2009, when 

it contracted 2.5 percent and 5.0 percent, 

respectively, during the Great Recession. For 

historical Fedwire Funds Service volume data, see 

FRBservices.org, Fedwire Funds Service—Annual 

Statistics, https://www.frbservices.org/resources/ 

financial-services/wires/volume-value-stats/annualstats.html. 

37The Reserve Banks provide transfer services for 

securities issued by the U.S. Treasury, federal 

government agencies, government-sponsored 

enterprises, and certain international institutions. 

Prior to 2023, the priced component of this service 

consisted of revenues, expenses, and volumes 

associated with the transfer of all non-Treasury 

securities. Starting in 2023, the revenues, expenses, 

and volumes associated with the transfer of 

Treasury securities are also included in the priced 

component of this service. 

million, or 7.7 percent, from the 2024 

forecast. Rising costs are primarily 

driven by the Fedwire Funds Service’s 

ongoing transition to the ISO® 20022 

messaging format.30 In addition, the 

National Settlement Service continues 

to incur higher costs because of the 

expansion of its operating hours in 

2022.31

The Reserve Banks will increase the 

Fedwire Funds Service participation fee 

from $115 to $120. In addition, all three 

of the gross origination and receipt 

tiered fees will be increased. The tier 1 

fee will increase from $0.94 to $0.97, the 

tier 2 fee will increase from $0.29 to 

$0.30, and the tier 3 fee will increase 

from $0.19 to $0.195. Correspondingly, 

the volume-based incentive discount fee 

will increase for all three tiers. The tier 

1 discount fee will increase from $0.188 

to $0.194, the tier 2 discount fee will 

increase from $0.058 to $0.060, and the 

tier 3 discount fee will increase from 

$0.038 to $0.039. Finally, the 

FedPayments Manager Import/Export 

fee will increase from $60 to $65. The 

Reserve Banks will also change National 

Settlement Service fees for 2025. The 

per-file fee will increase from $35 to 

$40, and the per-entry fee will increase 

from $1.70 to $1.95. 

In addition to these changes, the 

Reserve Banks will introduce a new 

volume-based fixed fee for the Fedwire 

Funds Service.32 The introduction of 

this fee will serve to reconcile 

challenges associated with volatility 

stemming from variable revenues 

sources while ensuring a fee structure 

that is better aligned with customer 

usage. This fee is based on the volume 

tier thresholds.33 The new volumebased fixed fee is one price point 

assessed at the parent level and is based 

on the highest volume tier of its 

associated affiliates.34 This differs from 

the existing participation fee in that the 

participation fee is assessed at the subaccount level for any ABA with at least 

one origination or receipt transaction 

during the month.35 The proposed price 

points for the volume-based fixed fees 

are as follows: 

TABLE 15—FEDWIRE FUNDS SERVICE VOLUME-BASED FIXED FEE TIERS

Fixed fee level Volume tier Monthly fee 

Tier 2 ........................................................................................... Tier 2 .......................................................................................... $250 

Tier 3 ........................................................................................... Tier 3 .......................................................................................... 500 

As noted above, this fee will serve to 

reconcile challenges associated with 

volatility stemming from variable 

revenues sources while ensuring a fee 

structure that is better aligned with 

customer usage. Fedwire Funds Service 

fee revenue has become increasingly 

dependent on variable sources and this 

growing exposure to uncertain fee 

fluctuations undermines annual revenue 

stability. This fee will address this 

uncertainty by increasing the percentage 

of fixed fee revenue. Further, the fee is 

intended to be commensurate with 

customer usage and structured so that 

smaller customers are not 

disproportionally impacted. In addition, 

this fee, alongside the other fee 

increases noted above, serves to help 

balance increases in ongoing operational 

costs incurred by the National 

Settlement Service for the period 

between 2014 and 2023, when fees did 

not increase. 

The Reserve Banks’ primary risk to 

current projections for these services is 

lower than-projected-volumes and 

growth due to the market and economic 

environment given that historically, 

Fedwire Funds Service volume has 

reflected market conditions.36 The 

Reserve Banks estimate these 

cumulative price changes will result in 

a 5.7 percent average price increase for 

Fedwire Funds and National Settlement 

Service customers. 

F. Fedwire Securities Service—Table 

16 shows the 2023 actual, 2024 forecast, 

and 2025 budgeted cost-recovery 

performance for the Fedwire Securities 

Service.37

TABLE 16—FEDWIRE SECURITIES SERVICE PRO FORMA COST AND REVENUE PERFORMANCE

[Dollars in millions] 

Year Revenue Total 

expense 

Net income 

(ROE) 

Targeted 

ROE 

Recovery rate 

after targeted 

ROE 

1 2 3 [1¥2] 4 5 [1/(2 + 4)] 

2023 (actual) .................................................................... 49.1 39.7 9.4 0.5 122.3 

2024 (forecast) ................................................................. 52.5 41.8 10.7 0.8 123.2 

2025 (budget) ................................................................... 55.7 47.3 8.4 0.9 115.7 


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38For quarterly FedNow Service transaction data, 

see Board of Governors of the Federal Reserve 

System, FedNow Service, https://

www.federalreserve.gov/paymentsystems/fednow_

about.htm. 

39 During the time in 2023 when the FedNow 

Service was in production, expenses (including 

imputed costs) totaled $99.7 million. 

40The modifications will take place at the parent 

financial institution level, as defined in the Reserve 

Banks’ Global Customer Directory. ‘‘On-us’’ 

transactions include those made by the same 

financial institution, even if the financial institution 

uses multiple RTNs. 

41These maintained fees and discounts include 

the FedLine connectivity discount. The FedLine 

connectivity discount program consists of providing 

credits for upgrade fees from a FedMail or FedLine 

Web connection to FedLine Advantage and new 

FedLine Advantage connection fees for the FedNow 

Service to qualifying institutions. Credits will be for 

12 months from FedLine Advantage billing 

eligibility. Customers that have received discounts 

throughout the 2024 program will see FedLine 

connectivity discounts roll off in 2025 following the 

completion of the 12-month term. 

42The Reserve Banks charge fees for the 

electronic connections that financial institutions 

use to access priced services and allocate the costs 

and revenues associated with this electronic access 

to the priced services. As a result, FedLine costs 

and revenue are allocated to the Reserve Banks’ 

priced services on an expense ratio basis. 

1. 2024 Forecast—The Reserve Banks 

forecast that the Fedwire Securities 

Service will recover 123.2 percent of 

total expenses and targeted ROE, 

compared with a 2024 budgeted 

recovery rate of 110.9 percent. 

Through August 2024, Treasury 

security transfer volume was 15.9 

percent higher than it was during the 

same period last year. For full-year 

2024, the Reserve Banks estimate that 

Treasury security transfer volume will 

increase 4.0 percent from 2023 levels, 

compared with a budgeted decrease of 

7.3 percent. Through August 2024, 

Agency security transfer volume was 3.8 

percent lower than it was during the 

same period last year. For full-year 

2024, the Reserve Banks estimate that 

Agency security transfer volume will 

decrease 2.6 percent from 2023 levels, 

compared with a budgeted increase of 

1.3 percent. 

Through August 2024, account 

maintenance volume was 0.7 percent 

lower than it was during the same 

period last year. For full-year 2024, the 

Reserve Banks estimate that account 

maintenance volume will decline 1.0 

percent from 2023 levels, compared 

with a budgeted decline of 2.6 percent. 

Through August 2024, the volume of 

Agency issues maintained was 0.5 

percent lower than it was during the 

same period last year. For full-year 

2024, the Reserve Banks estimate that 

the volume of Agency issues maintained 

will decrease 0.4 percent from 2023 

levels, compared with a budgeted 

change of 0.0 percent. 

2. 2025 Pricing—The Reserve Banks 

expect the Fedwire Securities Service to 

recover 115.7 percent of total expenses 

and targeted ROE in 2025. Revenue is 

projected to be $55.7 million, an 

increase of $3.2 million, or 6.0 percent, 

from the 2024 revenue forecast. The 

Reserve Banks also project that 2025 

expenses will be $47.3 million, an 

increase of $5.5 million, or 13.1 percent 

from the 2024 forecast. 

The Reserve Banks will leave fee 

schedules for Fedwire Securities priced 

services unchanged in 2025. This 

decision considers the benefits of 

maintaining consistent customer pricing 

in the face of rising costs and higher 

than expected volatility in transfer 

volumes. 

Regarding volumes, the Reserve Banks 

project that monthly maintenance 

products will maintain relatively stable 

volumes throughout 2025 with Issue 

Maintenance volume to increase slightly 

at 0.2 percent and Account Maintenance 

volume to decrease 0.6 percent in 2025. 

Treasury transfer volume is slated to 

continue its record growth trend with an 

anticipated 9.4 percent increase. Agency 

transfers are projected to increase by 0.5 

percent in 2025. 

The Reserve Banks project that 

Agency transfer volume will increase 

moderately compared with previous 

years, as interest rates fall, encouraging 

home-buying and mortgage refinancing. 

As detailed in the figures above, the 

volume of Treasury security transfers is 

projected to continue its record growth 

trend due primarily to debt issuance by 

the Treasury. The volume of accounts 

maintained are expected to decrease 2.5 

percent, consistent with recent trends 

and primarily driven by a reduction in 

joint custody accounts. The volume of 

Agency issues maintained is expected to 

remain relatively flat and claim 

adjustment volume is expected to 

remain relatively stable consistent with 

recent trends. 

The Reserve Banks’ primary risks to 

current projections for the Fedwire 

Securities Service include variations in 

technology costs and product volume 

forecasts stemming from an uncertain 

macroeconomic outlook and market 

conditions. 

G. FedNow Service— 

1. 2024 Forecast—The Reserve Banks 

forecast that the FedNow Service will 

generate a total of $244.9 million in 

expenses in 2024. 

The number of transactions processed 

by the FedNow Service in 2024 is 

modest and consistent with the Federal 

Reserve’s expectations for a new service 

line. From January through August 

2024, the transaction volume of the 

FedNow Service totaled 414,827 

transactions, with the number of 

participants growing from 400 to just 

under 1,000 financial institutions 

during this time period. Broad adoption 

of the FedNow Service across an 

industry with more than 9,000 financial 

institutions will be a gradual journey, 

similar to other new payment services 

like FedACH in the 1970s and 1980s. As 

a result, the Board has adopted a longterm outlook in evaluating the 

development of the FedNow Service. 

The Board anticipates acceleration in 

volume over time as more financial 

institutions join the network and as the 

Reserve Banks release new service 

features on an ongoing basis.38

2. 2025 Pricing—In 2025, the Reserve 

Banks project total operating expenses 

to be $245.5 million, which will be an 

increase of $0.6 million or 0.2 percent 

from the 2024 forecast.39

The Reserve Banks will modify the 

Customer Credit Transfer, Customer 

Credit Transfer Return, and Request for 

Payment fee components of the FedNow 

Service to exclude ‘‘on-us’’ transactions 

sent from and received at the same 

financial institution.40 This adjustment 

will both align with prevailing market 

practices and reduce inefficient offnetwork transaction activity. All other 

components of the previous year’s fee 

schedule, inclusive of discounts, will be 

maintained by the Reserve Banks in 

2025.41

H. FedLine Solutions—There are 

currently six FedLine Solutions 

channels through which customers can 

access the Reserve Banks’ priced 

services: FedMail®, FedLine Exchange, 

FedLine Web, FedLine Advantage®, 

FedLine Command and FedLine 

Direct.42 The Reserve Banks bundle 

these channels into 12 FedLine 

Solutions packages that are 

supplemented by a number of premium 

(or a` la carte) access and accounting 

information options. 

The Reserve Banks also offer 

FedComplete® Packages, which are 

bundled offerings of FedLine 

connections and a fixed number of 

FedACH Services, Fedwire Funds 

Services, and Check 21–enabled 

transactions. In 2025, the Reserve Banks 

will increase the monthly fees for 

FedComplete 100A Plus from $900 to 

$1,150 and FedComplete 200A Plus 

from $1,425 to $1,725. The price 

increases reflect the rising fees and 

enhancements of the package’s 

underlying services. To simplify the 

FedComplete Packages and create 

internal efficiencies, FedComplete 100A 


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43The FedLine Exchange service provides access 

to the E-Payments Routing Directory, which is also 

available to plus level customers across the FedLine 

channels. FedLine Solutions packages offer 

attended or unattended access to critical payment 

and information services. FedMail, FedLine 

Exchange, FedLine Web, and FedLine Advantage 

packages offer attended or manual access via a webbased interface. 

44FedLine Direct packages allow for unattended 

connections at multiple connection speeds to 

Check, FedACH, Fedwire Funds, and Fedwire 

Securities transactional and information services 

and to most accounting information services. The 

FedLine Command package offers a computer-tocomputer, internet protocol–based interfaces that 

supports an unattended connection to FedACH, 

most accounting information services, and the 

FedNow Service. 

45APIs are a set of protocols for connecting 

software systems programmatically, enabling 

system-to-system interoperability. 

46See Board of Governors of the Federal Reserve 

System, Policies: The Federal Reserve in the 

Payments System, https://www.federalreserve.gov/ 

paymentsystems/pfs_frpaysys.htm. 

Premier and 200A Premier will be 

discontinued. Additionally, the Reserve 

Banks plan to discontinue the FedLine 

Exchange service to streamline FedLine 

Solution products and create internal 

efficiencies that simplify operating, 

servicing, and billing processes.43

The Reserve Banks will increase the 

monthly fees for FedLine Command 

Plus from $1,035 to $1,185, FedLine 

Direct Plus from $5,500 to $5,750, and 

FedLine Direct Premier from $10,500 to 

$11,000 per month. Price changes for 

the FedLine Command and FedLine 

Direct packages are in response to 

enhancements for the FedNow Service 

and account for the price increases from 

the End-of-Day Financial Institution 

Reconcilement Date (FIRD) File and 

Statement of Account Spreadsheet File 

(SASF) offerings.44 FedLine Direct had 

additional operational costs associated 

with a new network vendor and 

hardware upgrades that have 

contributed to these price increases. 

In 2025, the Reserve Banks are 

prepared to add API functionality for 

certain services and products.45 The 

Reserve Banks are developing an initial 

pricing menu for priced APIs. Upon 

launch, each API would be assigned a 

core pricing scenario. Communication 

will be forthcoming on the timing, 

availability, and pricing scenarios for 

initial APIs. 

The Reserve Banks estimate these 

cumulative price changes will result in 

a 4.8 percent average price increase for 

FedLine customers. 

II. Analysis of Competitive Effect 

All operational and legal changes 

considered by the Board that have a 

substantial effect on payment system 

participants are subject to the 

competitive impact analysis described 

in the Board’s policy, The Federal 

Reserve in the Payments System. 46

Under this policy, the Board assesses 

whether changes would have a direct 

and material adverse effect on the 

ability of other service providers to 

compete effectively with the Federal 

Reserve in providing similar services 

due to differing legal powers or 

constraints or due to a dominant market 

position deriving from such legal 

differences. If any proposed changes 

create such an effect, the Board must 

further evaluate the changes to assess 

whether the benefits associated with the 

changes—such as contributions to 

payment system efficiency, payment 

system integrity, or other Board 

objectives—can be achieved while 

minimizing the adverse effect on 

competition. 

The Board has conducted this 

analysis and concluded that the 2025 

fees, fee structures, and changes in 

service will not have a direct and 

material adverse effect on the ability of 

other service providers to compete 

effectively with the Reserve Banks in 

providing similar services. When 

conducting the competitive effect 

analysis for the FedNow Service, the 

Board assessed whether its pricing 

strategy as a new service, including 

discounts, would have a material, 

adverse effect on the ability of other 

service providers to compete effectively 

with the Reserve Banks due to differing 

legal powers or a dominate market 

position as a result of such differing 

legal powers. The Board concluded that 

the pricing strategy, including 

discounts, followed general market 

practice for new services and could 

similarly be implemented by private 

sector providers unrelated to any 

differing legal powers. Therefore, the 

Reserve Banks’ pricing does not have a 

material adverse effect on the ability of 

other service providers to compete 

effectively with the Reserve Banks in 

providing similar services. 

The Reserve Banks expect to continue 

to achieve aggregate long-run cost 

recovery across all mature priced 

services. 

III. 2025 Fee Schedules 

FEDACH SERVICES 2025 FEE SCHEDULE

[Effective January 1, 2025. Bold indicates changes from 2024 prices] 

Fee 

FedACH minimum monthly fee: 

Originating depository financial institution (ODFI) 47 ........................................................................................................................... $55.00. 

Receiving depository financial institution (RDFI) 48 ............................................................................................................................. $45.00. 

Origination (per item or record): 

Forward or return items .............................................................................................................................................................................. $0.0035. 

SameDay Service—forward item 49 ............................................................................................................................................................ $0.0010 surcharge. 

Addenda record .......................................................................................................................................................................................... $0.0015. 

FedLine Web-originated returns and notification of change (NOC) 50 ....................................................................................................... $0.50. 

Facsimile Exception Return/NOC 51 ........................................................................................................................................................... $45.00. 

SameDay Exception Return ....................................................................................................................................................................... $45.00. 

Automated NOC ......................................................................................................................................................................................... $0.20. 

Volume discounts (based on monthly billed origination volume) 52 per item when origination volume is 

750,001 to 1,500,000 items per month discount ................................................................................................................................ $0.0008. 

more than 1,500,000 items per month discount ................................................................................................................................. $0.0010. 

Volume discounts (based on monthly billed receipt volume) 53 per item when receipt volume is 

10,000,001 to 15,000,000 items per month discount ......................................................................................................................... $0.0002. 

more than 15,000,000 items per month discount ............................................................................................................................... $0.0003. 

Receipt (per item or record): 

Forward Item ............................................................................................................................................................................................... $0.0035. 

Return Item ................................................................................................................................................................................................. $0.0075. 

Addenda record .......................................................................................................................................................................................... $0.0015. 

Volume discounts: 

Non-Premium Receivers 54 per item when volume is .........................................................................................................................

750,001 to 12,500,000 items per month 55 .................................................................................................................................. $0.0017 discount. 


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Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 93597 

FEDACH SERVICES 2025 FEE SCHEDULE—Continued 

[Effective January 1, 2025. Bold indicates changes from 2024 prices] 

Fee 

more than 12,500,000 items per month 56 ................................................................................................................................... $0.0019 discount. 

Premium Receivers, Level One 57 per item when volume is ..............................................................................................................

750,001 to 1,500,000 items per month 58 .................................................................................................................................... $0.0017 discount. 

1,500,001 to 2,500,000 items per month 59 ................................................................................................................................. $0.0017 discount. 

2,500,001 to 12,500,000 items per month 53 ............................................................................................................................... $0.0018 discount. 

12,500,001 to 30,000,000 items per month 53 ............................................................................................................................. $0.0020 discount. 

more than 30,000,000 items per month 53 ................................................................................................................................... $0.0023 discount. 

Premium Receivers, Level Two 60 per item when volume is ..............................................................................................................

750,001 to 1,500,000 items per month 61 .................................................................................................................................... $0.0017 discount. 

1,500,001 to 2,500,000 items per month 62 ................................................................................................................................. $0.0017 discount. 

2,500,001 to 12,500,000 items per month 56 ............................................................................................................................... $0.0019 discount. 

12,500,001 to 30,000,000 items per month 56 ............................................................................................................................. $0.0021 discount. 

more than 30,000,000 items per month 56 ................................................................................................................................... $0.0024 discount. 

FedACH Risk Management Services: 63

Monthly Package Fee (a single fee based on total number of criteria sets): 

For up to 5 criteria sets ....................................................................................................................................................................... $45.00. 

For 6 through 11 criteria sets .............................................................................................................................................................. $85.00. 

For 12 through 23 criteria sets ............................................................................................................................................................ $150.00. 

For 24 through 47 criteria sets ............................................................................................................................................................ $180.00. 

For 48 through 95 criteria sets ............................................................................................................................................................ $300.00. 

For 96 through 191 criteria sets .......................................................................................................................................................... $510.00. 

For 192 through 383 criteria sets ........................................................................................................................................................ $810.00. 

For 384 through 584 criteria sets ........................................................................................................................................................ $1,025.00. 

For more than 584 criteria sets ........................................................................................................................................................... $1,325.00. 

Batch/Item Monitoring (based on total monthly volume): 

For 1 through 100,000 batches (per batch) ........................................................................................................................................ $0.007. 

For more than 100,000 batches (per batch) ....................................................................................................................................... $0.0035. 

FedPayments Insights Service: 64

Monthly Fee (a single fee based on commercial receipt volume): 

0–50,000 items per month .................................................................................................................................................................. $75.00. 

50,001–100,000 items per month ....................................................................................................................................................... $120.00. 

100,001–500,000 items per month ..................................................................................................................................................... $180.00. 

500,001–1,000,000 items per month .................................................................................................................................................. $260.00. 

1,000,001–5,000,000 items per month ............................................................................................................................................... $340.00. 

5,000,001–10,000,000 items per month ............................................................................................................................................. $450.00. 

10,000,001–25,000,000 items per month ........................................................................................................................................... $550.00. 

25,000,001–60,000,000 items per month ........................................................................................................................................... $625.00. 

Over 60,000,000 items per month ...................................................................................................................................................... $700.00. 

Monthly FedPayments Reporter Service: 

FedPayments Reporter Service monthly package includes the following reports: 

ACH Received Entries Detail—Customer and Depository Financial Institution .................................................................................

ACH Return Reason Report—Customer and Depository Financial Institution ...................................................................................

ACH Originated Entries Detail—Customer and Depository Financial Institution ................................................................................

ACH Volume Summary by SEC Code—Customer .............................................................................................................................

ACH Customer Transaction Activity ....................................................................................................................................................

ACH Death Notification .......................................................................................................................................................................

ACH International (IAT) .......................................................................................................................................................................

ACH Notification of Change ................................................................................................................................................................

ACH Payment Data Information File ...................................................................................................................................................

ACH Remittance Advice Detail ...........................................................................................................................................................

ACH Remittance Advice Summary .....................................................................................................................................................

ACH Return Item Report and File .......................................................................................................................................................

ACH Return Ratio ................................................................................................................................................................................

ACH Social Security Beneficiary .........................................................................................................................................................

ACH Originator Setup ..........................................................................................................................................................................

ACH Report Delivery via FedLine Solution .........................................................................................................................................

On Demand Report Surcharge 65 ........................................................................................................................................................ $1.00. 

Monthly Package Fee (counts reflect reports generated as well as delivered via a FedLine Solution): 

For up to 50 reports ................................................................................................................................................................................. $50.00. 

For 51 through 150 reports ..................................................................................................................................................................... $72.00. 

For 151 through 500 reports ................................................................................................................................................................... $133.00. 

For 501 through 1,000 reports ................................................................................................................................................................ $245.00. 

For 1,001 through 1,500 reports ............................................................................................................................................................. $355.00. 

For 1,501 through 2,500 reports ............................................................................................................................................................. $555.00. 

For 2,501 through 3,500 reports ............................................................................................................................................................. $775.00. 

For 3,501 through 4,500 reports ............................................................................................................................................................. $990.00. 

For 4,501 through 5,500 reports ............................................................................................................................................................. $1,200.00. 

For 5,501 through 7,000 reports ............................................................................................................................................................. $1,460.00. 

For 7,001 through 8,500 reports ............................................................................................................................................................. $1,700.00. 

For 8,501 through 10,000 reports ........................................................................................................................................................... $1,930.00. 

For more than 10,000 reports .................................................................................................................................................................. $2,100.00. 

Premier reports (per report generated): 66

ACH Volume Summary by SEC Code Report—Depository Financial Institution: 

For 1 through 5 reports ................................................................................................................................................................ $10.00. 

For 6 through 10 reports .............................................................................................................................................................. $6.00. 

For 11 or more reports ................................................................................................................................................................. $1.00. 

On Demand Surcharge ................................................................................................................................................................ $1.00. 

ACH Routing Number Activity Report: 

For 1 through 5 reports ................................................................................................................................................................ $10.00. 

For 6 through 10 reports .............................................................................................................................................................. $6.00. 


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93598 Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 

FEDACH SERVICES 2025 FEE SCHEDULE—Continued 

[Effective January 1, 2025. Bold indicates changes from 2024 prices] 

Fee 

For 11 or more reports ................................................................................................................................................................. $1.00. 

On Demand Surcharge ................................................................................................................................................................ $1.00. 

ACH Originated Batch Report (monthly): 

For 1 through 5 reports ................................................................................................................................................................ $10.00. 

For 6 through 10 reports .............................................................................................................................................................. $6.00. 

For 11 or more reports ................................................................................................................................................................. $1.00. 

On Demand Surcharge ................................................................................................................................................................ $1.00. 

ACH Originated Batch Report (daily): 

Scheduled Report ......................................................................................................................................................................... $0.65. 

On Demand Surcharge ................................................................................................................................................................ $1.00. 

On-us inclusion: 

Participation (monthly fee per RTN) .................................................................................................................................................... $10.00. 

Per-item ............................................................................................................................................................................................... $0.0030. 

Per-addenda ........................................................................................................................................................................................ $0.0015. 

Report delivery via encrypted email (per email) ........................................................................................................................................ $0.20. 

Other Fees and Discounts: 

Monthly fee (per RTN): 

FedACH Participation Fee 67 ............................................................................................................................................................. $80.00. 

Same Day Service Origination Participation Fee 68 ............................................................................................................................ $10.00. 

FedACH Settlement Fee 69

Premium Receivers, Level One and Level Two ................................................................................................................................. $60.00. 

Non-Premium Receivers when volume is 1,500,000 items or less per month, Tier 2 ....................................................................... $110. 

Non-Premium Receivers when volume is more than 1,500,000 items per month, Tier 3 ................................................................. $250.00. 

FedACH Information File Extract Fee ........................................................................................................................................................ $180.00. 

IAT Output File Sort Fee ............................................................................................................................................................................ $150.00. 

Fixed Participation Fee—Automated NOCs 70 ........................................................................................................................................... $5.00. 

Non-Electronic Input/Output fee: 71

CD/DVD (CD or DVD) ......................................................................................................................................................................... $50.00. 

Paper (file or report) ............................................................................................................................................................................ $50.00. 

Fees and Credits Established by Nacha: 72

Nacha Same-Day Entry fee (per item) ................................................................................................................................................ $0.052. 

Nacha Same-Day Entry credit (per item) ............................................................................................................................................ $0.052 (credit). 

Nacha Unauthorized Entry fee (per item) ........................................................................................................................................... $4.50. 

Nacha Unauthorized Entry credit (per item) ....................................................................................................................................... $4.50 (credit). 

Nacha Admin Network fee (monthly fee per RTN) ............................................................................................................................. $30.50. 

Nacha Admin Network fee (per entry) ................................................................................................................................................ $0.000185. 

FedGlobal® ACH Payments: 73

Fixed Monthly Fee (per RTN): 74

Monthly origination volume more than 500 items ............................................................................................................................... $185.00. 

Monthly origination volume between 161 and 500 items ................................................................................................................... $60.00. 

Monthly origination volume less than 161 items ................................................................................................................................. $20.00. 

Per-item Origination Fee for Monthly Volume more than 500 Items (surcharge): 75

Mexico service ..................................................................................................................................................................................... $0.55. 

Panama service ................................................................................................................................................................................... $0.60. 

Per-item Origination Fee for Monthly Volume between 161 and 500 items (surcharge): 79

Mexico service ..................................................................................................................................................................................... $0.80. 

Panama service ................................................................................................................................................................................... $0.85. 

Per-item Origination Fee for Monthly Volume less than 161 items (surcharge): 79

Mexico service ..................................................................................................................................................................................... $1.05. 

Panama service ................................................................................................................................................................................... $1.10. 

Other FedGlobal ACH Payments Fees: 

Mexico service: 

Return received from Mexico 76 ................................................................................................................................................... $0.91 (surcharge). 

Item trace 77 .................................................................................................................................................................................. $13.50. 

Foreign currency to foreign currency (F3X) item originated to Mexico 79 ................................................................................... $0.67 (surcharge). 

Panama service: 

Return received from Panama 71 ................................................................................................................................................. $1.00 (surcharge). 

Item trace 72 .................................................................................................................................................................................. $7.00. 

NOC .............................................................................................................................................................................................. $0.72. 

Exception Resolution Service: 

Monthly Fees (applies to cases only at the parent RTN): 78

Up to 5 cases ...................................................................................................................................................................................... $20.00. 

6–25 cases .......................................................................................................................................................................................... $40.00. 

26–50 cases ........................................................................................................................................................................................ $60.00. 

51–100 cases ...................................................................................................................................................................................... $100.00. 

101–1,000 cases ................................................................................................................................................................................. $250.00. 

1,001–5,000 cases .............................................................................................................................................................................. $400.00. 

5,001 cases and above ....................................................................................................................................................................... $500.00. 

Offline Service Participant—Case Fees: 79

Case Open Fee ................................................................................................................................................................................... $5.00. 

Case Response Fee ............................................................................................................................................................................ $5.00. 

FedACH Receipt Discount Program Introduced in 2024: 80

Customers with more than 30 million FedACH receipt items per month: 

Per-item discount on all forward receipt items received through FedACH for the full five-year length of the agreement ................ $0.0002. 

Percentage discount on the FedACH FedPayments Reporter Service for two years at any point during participation in the program.50 percent. 

Percentage discount on the FedACH Exception Resolution Service for two years at any point during their participation in the 

program.

100 percent. 

Percentage discount on the FedACH FedPayments® Insights Service for two years at any point during their participation in the 

program.

100 percent. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 93599 

FEDACH SERVICES 2025 FEE SCHEDULE—Continued 

[Effective January 1, 2025. Bold indicates changes from 2024 prices] 

Fee 

Customers with between 5 and 30 million FedACH receipt items per month: 

Per-item discount on all forward receipt items received through FedACH for the full 5-year length of the agreement ........................... $0.0001. 

Percentage discount on the FedACH FedPayments Reporter Service for two years at any point during their participation in the program.25 percent. 

Percentage discount on the FedACH Exception Resolution Service for two years at any point during their participation in the program.50 percent. 

Percentage discount on the FedACH FedPayments Insights Service for two years at any point during their participation in the program.50 percent. 

FEDWIRE FUNDS SERVICE AND NATIONAL SETTLEMENT SERVICE 2025 FEE SCHEDULES

[Effective January 1, 2025. Bold indicates changes from 2024 prices.] 

Fee 

Fedwire Funds Service 

Monthly Participation Fee .................................................................................................................................................................................................. $120.00 

Basic volume-based pre-incentive transfer fee (originations and receipts)—per transfer for 

Tier 1: The first 14,000 transfers per month ............................................................................................................................................................. 0.970 

Tier 2: Additional transfers up to 90,000 per month ............................................................................................................................................... 0.300 

Tier 3: Every transfer over 90,000 per month ........................................................................................................................................................... 0.195 

Monthly Fixed Fee: 

Tier 2 Monthly Fixed Fee 81 ......................................................................................................................................................................................... 250.00 

Tier 3 Monthly Fixed Fee 82 ......................................................................................................................................................................................... 500.00 

Volume-based transfer fee with the incentive discount (originations and receipts)—per eligible transfer for 83

Tier 1: The first 14,000 transfers per month ............................................................................................................................................................. 0.194 

Tier 2: Additional transfers 14,001 to 90,000 per month ......................................................................................................................................... 0.060 

Tier 3: Every transfer over 90,000 per month ........................................................................................................................................................... 0.039 

Surcharge for Offline Transfers (Originations and Receipt) 84 ............................................................................................................................................. 75.00 

Surcharge for End-of-Day Transfer Originations 85 .............................................................................................................................................................. 0.26 

Monthly FedPayments Manager Import/Export fee 86 ..................................................................................................................................................... 65.00 

Surcharge on transfers >$10 million Origination and Receipt .............................................................................................................................................. 0.14 

Surcharge on transfers >$100 million Origination and Receipt ............................................................................................................................................ 0.36 

Surcharge for Payment Notification: 

Origination Surcharge 87 ................................................................................................................................................................................................ 0.01 

Receipt Volume 88 .......................................................................................................................................................................................................... N/A 

Delivery of Reports—Hard Copy Reports to On-Line Customers ........................................................................................................................................ 50.00 

Special Settlement Arrangements (charge per settlement day) 89 ....................................................................................................................................... 150.00 

National Settlement Service 

Basic: 

Settlement Entry Fee ................................................................................................................................................................................................... 1.95 

Settlement File Fee ...................................................................................................................................................................................................... 40.00 

Surcharge for Offline File Origination 90 ............................................................................................................................................................................... 45.00 

Minimum Monthly Fee 91 ....................................................................................................................................................................................................... 60.00 

FEDWIRE SECURITIES SERVICE 2025 FEE SCHEDULE

[Effective January 1, 2025. Bold indicates changes from 2024 prices.] 

Fee 

Basic Transfer Fee: 92 93 ........................

Agency Securities: Transfer or reversal originated or received .................................................................................................................................... 0.61 

Treasury Securities: Transfer or reversal originated or received .................................................................................................................................. 0.61 

Surcharge: 94 ........................

Agency Securities: Offline origination & receipt surcharge ........................................................................................................................................... 80.00 

Treasury Securities: Offline origination & receipt surcharge ......................................................................................................................................... 80.00 

Monthly Maintenance Fees: 95 ........................

Agency Securities: Account maintenance (per account) 96 ........................................................................................................................................... 57.50 

Agency Securities: Issue maintenance (per issue/per account) 97 ................................................................................................................................ 0.61 

Treasury Securities: Account maintenance (per account) 98 ......................................................................................................................................... None 

Treasury Securities: Issue maintenance (per issue/per account) 99 ............................................................................................................................. None 

ACAP Fees: 100 101 ........................

Claims Adjustment Fee ................................................................................................................................................................................................. $1.00 

Tracking Indicators Fee ................................................................................................................................................................................................. 0.10 

Position Maintenance Fee (per position maintained/per business day) 102 103 ............................................................................................................. 0.03 

GNMA Serial Note Stripping or Reconstitution Fee 104 ........................................................................................................................................................ 9.00 

Joint Custody Origination Surcharge 105 106 ......................................................................................................................................................................... 46.00 

Delivery of Reports—Hard Copy Reports to On-Line Customers 107 ................................................................................................................................... 50.00 


ddrumheller on DSK120RN23PROD with NOTICES1
93600 Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 

FEDNOW SERVICE 2025 FEE SCHEDULE

[Effective January 1, 2025. Bold indicates changes from 2024 prices.] 

Fee 

Customer Credit Transfer (per item) PACS.008 Origination ...................................................................................................... $0.045. 

PACS.008 Origination—On-Us ................................................................................................................................................. $0.000. 

Customer Credit Transfer Returns (per item) PACS.004 Origination ........................................................................................ $0.045. 

PACS.004 Origination—On-Us ................................................................................................................................................. $0.000. 

Liquidity Management Transfer (LMT) (per-item) PACS.009 Origination .................................................................................. $1.00. 

Request for Payment (RFP) (per-item) PAIN.013 ...................................................................................................................... $0.01. 

PAIN.013—On-Us ....................................................................................................................................................................... $0.000. 

PACS.008 Origination Discount .................................................................................................................................................. ¥$0.045 per item for up to 2,500 customer credit transfers per month (in 

2025). 

Participation Fee—General (per month) ..................................................................................................................................... $25.00, discounted to $0.00 in 2025. 

FEDLINE 2025 FEE SCHEDULE

[Effective January 1, 2025. Bold indicates changes from 2024 prices.] 

Fee 

FedComplete Packages (monthly) 108 109

FedComplete 100A Plus 110 ............................................................................................................................................................................. $1,150.00. 

FedComplete 200A Plus .................................................................................................................................................................................. $1,725.00. 

FedComplete Excess Volume and Receipt Surcharge: 111

FedForward® 112 ......................................................................................................................................................................................... $0.03700/item. 

FedReturn® ................................................................................................................................................................................................. $0.82000/item. 

FedReceipt .................................................................................................................................................................................................. $0.00005/item. 

Fedwire Funds Origination ......................................................................................................................................................................... $0.97000/item. 

Fedwire Funds Receipt ............................................................................................................................................................................... $0.09700/item. 

FedACH Origination .................................................................................................................................................................................... $0.00350/item. 

FedACH Receipt ......................................................................................................................................................................................... $0.00035/item. 

FedComplete credit adjustment ......................................................................................................................................................................... various. 

FedComplete debit adjustment .......................................................................................................................................................................... various. 

FedLine Solutions (monthly) 

FedMail 113 ......................................................................................................................................................................................................... $100.00. 

FedLine Web 114 ................................................................................................................................................................................................ $110.00. 

FedLine Web Plus 106 ........................................................................................................................................................................................ $160.00. 

FedLine Web Premier 106 ................................................................................................................................................................................... $200.00 

Includes: 

Services included in the FedLine Web Plus package ................................................................................................................................

Check File Automation ...............................................................................................................................................................................

FedLine Advantage 106 115 ................................................................................................................................................................................. $415.00. 

FedLine Advantage Plus 106 107 ......................................................................................................................................................................... $460.00. 

FedLine Advantage Premier 106 107 ................................................................................................................................................................... $570.00. 

Includes: 

FedLine Advantage Plus package ..............................................................................................................................................................

Two VPN devices .......................................................................................................................................................................................

Fedwire Funds FedPayments Manager Import/Export (more than 250 Fedwire transactions or more than one routing number in a 

given month).

FedTransaction Analyzer (more than 250 Fedwire transactions or more than one routing number per month) ......................................

FedLine Command Plus ................................................................................................................................................................................. $1,185.00. 

FedLine Direct Plus 116 .................................................................................................................................................................................... $5,750.00. 

FedLine Direct Premier 108 .............................................................................................................................................................................. $11,000.00. 

Includes: 

Services included in the FedLine Direct Plus package ..............................................................................................................................

Two 2 Mbps dedicated WAN Connections ................................................................................................................................................

One Network Diversity ................................................................................................................................................................................

Two VPN devices .......................................................................................................................................................................................

A la carte options (monthly) 117

Electronic Access: 

FedMail—Pack of 5 .................................................................................................................................................................................... $25.00. 

FedLine Subscribers—Pack of 5 ................................................................................................................................................................ $100.00. 

Additional VPNs 118 ..................................................................................................................................................................................... $100.00. 

Additional 2 Mbps WAN connection 108 ...................................................................................................................................................... $3,000.00. 

WAN Connection Upgrade: 

10 Mbps 119 .......................................................................................................................................................................................... $1,700.00. 

30 Mbps 111 .......................................................................................................................................................................................... $3,000.00. 

50 Mbps 120 .......................................................................................................................................................................................... $4,000.00. 

100 Mbps 120 ........................................................................................................................................................................................ $7,000.00. 

200 Mbps 120 ........................................................................................................................................................................................ $11,000.00. 

FedLine International Setup (one-time fee) ................................................................................................................................................ $5,000.00. 

FedLine Custom Implementation Fee (one-time fee) 120 ........................................................................................................................... $2,500–$5,000. 

Network Diversity ........................................................................................................................................................................................ $2,500.00. 

FedMail Email (for customers with FedLine Web and above) 121 .............................................................................................................. $100.00. 

VPN Device Modification (one-time fee) .................................................................................................................................................... $200.00. 

VPN Device Missed Activation Appointment (one-time fee) ...................................................................................................................... $175.00. 

VPN Device Expedited Hardware Surcharge (one-time fee) ..................................................................................................................... $100.00. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 93601 

47Any ODFI incurring less than $55 for the 

following fees will be charged a variable amount to 

reach the minimum: Forward value and non-value 

item origination fees, and FedGlobal ACH 

origination surcharges. 

48Any RDFI not originating forward value and 

non-value items and incurring less than $45 in 

receipt fees will be charged a variable amount to 

reach the minimum. Any RDFI that originates 

forward value and non-value items incurring less 

than $55 in forward value and nonvalue item 

origination fees will only be charged a variable 

amount to reach the minimum monthly origination 

fee. 

49This surcharge is assessed on all forward items 

that qualify for same-day processing and settlement 

and is incremental to the standard origination item 

fee. 

50The fee includes the item and addenda fees in 

addition to the conversion fee. 

51The fee includes the item and addenda fees in 

addition to the conversion fee. Reserve Banks also 

assess a $45 fee for every government paper return/ 

NOC they process. 

52Origination volumes at these levels qualify for 

a waterfall discount that includes all FedACH 

origination items. 

53Origination discounts based on monthly billed 

receipt volume apply only to those items received 

by FedACH receiving points and are available only 

to Premium Receivers. 

54RDFIs receiving through FedACH less than 90 

percent of their FedACH-originated items. 

55This per-item discount is a reduction to the 

standard receipt fees listed in this fee schedule. 

56Receipt volumes at these levels qualify for a 

waterfall discount that includes all FedACH receipt 

items. 

57RDFIs receiving through FedACH at least 90 

percent of their FedACH-originated items, but less 

than 90 percent of all of their ACH items originated 

through any operator. 

58This per-item discount is a reduction to the 

standard receipt fees listed in this fee schedule. 

59Receipt volumes at these levels qualify for a 

waterfall discount which includes all FedACH 

receipt items. 

60RDFIs receiving through FedACH at least 90 

percent of all of their ACH items originated through 

any operator. 61This per-item discount is a reduction to the 

standard receipt fees listed in this fee schedule. 62Receipt volumes at these levels qualify for a 

waterfall discount which includes all FedACH 

receipt items. 63Criteria may be set for both the Origination 

Monitoring Service and the RDFI Alert Service. 

Subscribers with no criteria set up will be assessed 

the $45 monthly package fee. 64Monthly commercial receipt volume is 

calculated based on combined volume of subscribed 

RTNs in an account family. 65Premier reports generated on demand are 

subject to the package/tiered fees plus a surcharge. 66Premier reports generated on demand are 

subject to the package/tiered fees plus a surcharge. 67The fee applies to RTNs that have received or 

originated FedACH transactions during a month. 

Institutions that receive only U.S. government 

transactions or that elect to use a private-sector 

operator exclusively are not assessed the fee. 68This surcharge is assessed to any RTN that 

originates at least one item meeting the criteria for 

same-day processing and settlement in a given 

month. 69The fee is applied to any RTN with activity 

during a month, including RTNs of institutions that 

elect to use a private-sector operator exclusively but 

also have items routed to or from customers that 

access the ACH network through FedACH. This fee 

does not apply to RTNs that use the Reserve Banks 

for only U.S. government transactions. 70Fee will be assessed only when automated 

NOCs are generated. 71Limited services are offered in contingency 

situations. 72The fees and credits listed are collected from 

the ODFI and credited to Nacha (admin network) 

or to the RDFI (same-day entry and unauthorized 

entry) in accordance with the ACH Rules. 73The international fees and surcharges vary from 

country to country as these are negotiated with each 

international gateway operator. 74A single monthly fee based on total FedGlobal 

ACH Payments origination volume. 75This per-item surcharge is in addition to the 

standard domestic origination fees listed in this fee 

schedule. 

76This per-item surcharge is in addition to the 

standard domestic receipt fees listed in this fee 

schedule. 

77U.S. ODFIs are responsible for any 

investigation fees should they be assessed by 

foreign RDFIs or downstream payment participants. 

78The monthly fee is rolled up to the parent DI 

level, such that a DI that opts into the FedACH 

Exception Resolution Service under two separate 

RTNs would pay a single monthly fee based on the 

total number of cases opened for their two RTNs 

combined. 

79A financial institution may enroll in the 

Service as an Offline Service Participant by 

designating the Reserve Bank to access and use the 

functionality of the application on behalf of the 

Offline Participant. 

80Federal Reserve Financial Services offers a fiveyear discount program to financial institutions that 

receive at least 5 million items per month through 

FedACH and meet the qualifications for Premium 

Receiver Level One or Level Two status. View code 

details and text on the FedACH Receipt Discount 

Program page. 

81This fee applies at the parent level to any bank 

which has at least 1 unit of volume in the Tier 2 

Pre-Incentive Discount range and no volume in the 

Tier 3 Pre-Incentive Discount range. 

82This fee applies at the parent level to any bank 

which has at least 1 unit of volume in the Tier 3 

Pre-Inventive Discount range. 

83The incentive discounts apply to the volume 

that exceeds 60 percent of a customer’s historic 

benchmark volume. Historic benchmark volume is 

based on a customer’s average daily activity over 

the previous five calendar years. If a customer has 

fewer than five full calendar years of previous 

activity, its historic benchmark volume is based on 

its daily activity for as many full calendar years of 

data as are available. If a customer has less than one 

year of past activity, then the customer qualifies 

automatically for incentive discounts for the year. 

The applicable incentive discounts are as follows: 

$0.752 for transfers up to 14,000; $0.232 for 

transfers 14,001 to 90,000; and $0.152 for transfers 

over 90,000. 

Continued 

FEDLINE 2025 FEE SCHEDULE—Continued 

[Effective January 1, 2025. Bold indicates changes from 2024 prices.] 

Fee 

VPN Device Replacement or Move (one-time fee) .................................................................................................................................... $300.00. 

E-Payments Automated Download Codes (Add’l Codes-Pack of 5) 122 .................................................................................................... $75.00/month. 

E-Payments Automated Download Codes (Add’l Codes-Pack of 20) 114 .................................................................................................. $150.00/month. 

E-Payments Automated Download Codes (Add’l Codes-Pack of 50) 123 .................................................................................................. $300.00/month. 

E-Payments Automated Download Codes (Add’l Codes-Pack of 100) 123 ................................................................................................ $500.00/month. 

E-Payments Automated Download Codes (Add’l Codes-Pack of 250) 123 ................................................................................................ $1,000.00/month. 

E-Payments Automated Download Codes (Add’l Codes- >250) 123 .......................................................................................................... $2,000.00/month. 

Daily Statement of Account Activity and Monthly Statement of Service Charges (monthly): 123 124

End-of-Day Financial Institution Reconcilement Data (FIRD) File ............................................................................................................. $200.00. 

Statement of Account Spreadsheet File (SASF) ........................................................................................................................................ $200.00. 

Cash Management Service (CMS) Plus and Intra-day Service (monthly): 

Cash Management System (CMS) Plus—Own report—up to 12 files with: 125

no OSRTN, respondent/sub-account activity ...................................................................................................................................... $75.00. 

Up to nine OSRTNs, respondents and/or sub-accounts .................................................................................................................... $150.00. 

10–50 OSRTNs, respondents and/or sub-accounts ........................................................................................................................... $300.00. 

51–100 OSRTNs, respondents and/or sub-accounts ......................................................................................................................... $600.00. 

101–500 OSRTNs, respondents and/or sub-accounts ....................................................................................................................... $900.00. 

>500 OSRTNs, respondents and/or sub-accounts ............................................................................................................................. $1,200.00. 

Intra-day Download Search Results in Spreadsheet Format (with AMI) 126 .............................................................................................. $200.00. 

Other: 

Replacement Copies: 127

Daily Statement of Account ................................................................................................................................................................. $10.00/copy 

Monthly Statement of Service Charges .............................................................................................................................................. $10.00/copy 

Vendor Pass-Through Fee ......................................................................................................................................................................... various. 

Electronic Access Credit Adjustment ......................................................................................................................................................... various. 

Electronic Access Debit Adjustment ........................................................................................................................................................... various. 


ddrumheller on DSK120RN23PROD with NOTICES1
93602 Federal Register / Vol. 89, No. 229 / Wednesday, November 27, 2024 / Notices 

84The offline service, which was originally 

scheduled to be discontinued as of December 31, 

2024, will be extended to no later than February 

2025 to accommodate financial institutions’ 

readiness. 

85This surcharge applies to originators of 

transfers that are processed by the Reserve Banks 

after 5:00 p.m. ET. 

86This fee is charged to any Fedwire Funds 

participant that originates a transfer message via the 

FedPayments Manager Funds tool and has the 

import/export processing option setting active at 

any point during the month. 

87Payment Notification and End-of-Day 

Origination surcharges apply to each Fedwire funds 

transfer message. 

88Provided on billing statement for informational 

purposes only. 

89This charge is assessed to settlement 

arrangements that use the Fedwire Funds Service to 

affect the settlement of interbank obligations (as 

opposed to those that use the National Settlement 

Service). With respect to such special settlement 

arrangements, other charges may be assessed for 

each funds transfer into or out of the accounts used 

in connection with such arrangements. 

90An organization that is a settlement agent may 

be able to use the National Settlement Service 

offline service if it is experiencing an operational 

event that prevents the transmission of settlement 

files via its electronic connection to the Federal 

Reserve Banks. The Federal Reserve Banks have 

limited capacity to process offline settlement files. 

As a result, while the Federal Reserve Banks use 

best efforts to process offline settlement file 

submissions, there is no guarantee that an offline 

settlement file, in particular one that is submitted 

late in the operating day or that contains a large 

number of entries, will be accepted for processing. 

Only those persons identified as authorized 

individuals on the National Settlement Service 04 

Agent Contact Form may submit offline settlement 

files. For questions related to the National 

Settlement Service offline service, please contact 

National Settlement Service Central Support 

Service Staff (CSSS) at 800–758–9403, or via email 

at csss.staff@ny.frb.org. 

91Any settlement arrangement that accrues less 

than $60 during a calendar month will be assessed 

a variable amount to reach the minimum monthly 

fee. 

92Restricted Securities Accounts maintained by 

the Reserve Banks under the Loans and Discounts 

program and the 31 CFR part 202 program are not 

assessed for monthly account maintenance fees or 

fees for Transfers of Book-Entry Securities to or 

from such Restricted Securities Accounts. 

Restricted Securities Accounts maintained by the 

Reserve Banks under the 31 CFR part 225 program 

are subject to monthly account maintenance fees 

but not fees for Transfers of Book-Entry Securities 

to or from such Restricted Securities Accounts. 

93These fees are set by the Federal Reserve Banks. 

94This surcharge is set by the Federal Reserve 

Banks. It is in addition to any basic transfer or 

reversal fee. 

95Restricted Securities Accounts maintained by 

the Reserve Banks under the Loans and Discounts 

program and the 31 CFR. part 202 program are not 

assessed for monthly account maintenance fees or 

fees for Transfers of Book-Entry Securities to or 

from such Restricted Securities Accounts. 

Restricted Securities Accounts maintained by the 

Reserve Banks under the 31 CFR part 225 program 

are subject to monthly account maintenance fees 

but not fees for Transfers of Book-Entry Securities 

to or from such Restricted Securities Accounts. 

96These fees are set by the Federal Reserve Banks. 

97These fees are set by the Federal Reserve Banks. 

98The U.S. Department of the Treasury absorbs 

the cost of monthly account maintenance for 

securities accounts that contain only Treasury 

securities and reimburses the Federal Reserve 

Banks. 

99The U.S. Department of the Treasury absorbs 

the cost of monthly issue maintenance for custody 

holdings of Treasury securities and reimburses the 

Federal Reserve Banks. 

100These fees are set by the Federal Reserve 

Banks. 

101Automated Claim Adjustment Process (ACAP) 

fees apply to all ACAP-eligible security types. Phase 

2 of the ACAP enhancement project will include 

expanding ACAP tracking to all coupon-paying 

securities issued over the Fedwire Securities 

Service and adding securities lending as a 

transaction type. For information about the ACAP 

enhancement project, please visit: https://

www.frbservices.org/resources/financial-services/ 

securities/acap. 

102Participants are charged the Repo Position 

Maintenance Fee for both a Repo-Out balance and 

a Repo-In balance. These fees will be assessed every 

business day. 

103Participants are charged the Securities 

Lending Position Maintenance Fee for both a 

Securities Borrowed balance and a Securities Lent 

balance. These fees will be assessed every business 

day. Securities lending positions will be available 

when Phase 2 of the ACAP enhancement project is 

implemented. For information about the ACAP 

enhancement project, please visit: https://

www.frbservices.org/resources/financial-services/ 

securities/acap/. 

104This fee is set by and remitted to the 

Government National Mortgage Association 

(GNMA). 

105The Federal Reserve Banks charge participants 

a Joint Custody Origination Surcharge for both 

Agency and Treasury securities. 

106These fees are set by the Federal Reserve 

Banks. 

107These fees are set by the Federal Reserve 

Banks. 

108FedComplete Packages are all-electronic 

service options that bundle payment services with 

an access solution for one monthly fee. 

109FedComplete customers that use the email 

service would be charged the FedMail Email a la 

carte fee and for all FedMail Subscriber 5-packs. 

110Packages with an ‘‘A’’ include the FedLine 

Advantage channel. 

111Per-item surcharges are in addition to the 

standard fees listed in the applicable priced 

services fee schedules. 

112FedComplete customers will be charged $4 for 

each FedForward cash letter over the monthly 

package threshold. This activity will appear under 

billing code 51998 in Service Area 1521 on a 

month-lagged basis. 

113FedMail package does not include user 

credentials, which are required to access priced 

services and certain informational services. 

Credentials are sold separately in packs of five via 

the FedMail Subscriber 5-pack. 

114FedLine Web and Advantage packages do not 

include user credentials, which are required to 

access priced services and certain informational 

services. Credentials are sold separately in packs of 

five via the FedLine Subscriber 5-pack. 

115Qualifying institutions who upgrade from 

FedMail or FedLine Web to FedLine Advantage or 

establish a new FedLine Advantage connection for 

the FedNow Service will receive 12 months of 

credits from FedLine Advantage billing eligibility. 

116Early termination fees and/or expedited order 

fees may apply to all FedLine Direct packages and 

FedLine Direct a` la carte options. 

117These add-on services can be purchased only 

with a FedLine Solution. 

118Additional VPNs are available for FedLine 

Advantage, FedLine Command, and FedLine Direct 

packages only. 

119Fee is in addition to the FedLine Direct 

package fees or Additional 2Mbps WAN Connection 

fee. 

120The FedLine Custom Implementation Fee is 

$2,500 or $5,000 based on the complexity of the 

setup. 

121Available only to customers with a priced 

FedLine package and does not include user 

credentials, which are required to access priced 

services and certain informational services. 

Credentials are sold separately in packs of five via 

the FedMail Subscriber 5-pack. 

122Five download codes are included at no cost 

in all Plus and Premier packages. 

123Available for FedLine Web Plus, FedLine Web 

Premier, FedLine Advantage Plus, and FedLine 

Advantage Premier packages. It is also available for 

no extra fee in FedLine Command Plus and Direct 

packages. 

124The End of Day Financial Institution 

Reconcilement Data (FIRD) and Statement of 

Account Spreadsheet File (SASF) are available for 

Master accounts only. 

125Available with FedLine Plus and Premier 

packages. 

126Available for FedLine Web Plus and Premier 

packages. Available for no extra fee in FedLine 

Advantage and higher packages. 

127Charging the $10 Replacement Copy Fee is at 

the discretion of Reserve Banks. 

By order of the Board of Governors of the 

Federal Reserve System. 

Ann E. Misback, 

Secretary of the Board. 

[FR Doc. 2024–27831 Filed 11–26–24; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL TRADE COMMISSION 

[File No. P085405] 

Agency Information Collection 

Activities; Proposed Collection; 

Comment Request; Extension; 

Correction 

AGENCY: Federal Trade Commission. 

ACTION: Notice; correction. 

SUMMARY: The Federal Trade 

Commission (‘‘Commission’’) published 

a document in the Federal Register of 

November 4, 2024, concerning its 

proposal to extend for an additional 

three years the Office of Management 

and Budget (‘‘OMB’’) clearance for 

information collection requirements 

contained in the rules and regulations 

under the Pay-Per-Call Rule. Shortly 

after publication, Commission staff 

learned the document contained an 

incorrect date. The Commission issues 

this correction to reflect the corrected 

date. The current information collection 

clearance expires on January 31, 2025, 

not January 30, 2024. 

FOR FURTHER INFORMATION CONTACT: P. 

Connell McNulty, Attorney, Division of 

Marketing Practices, Bureau of 

Consumer Protection, Federal Trade 

Commission, (202) 326–2061, 

pmcnulty@ftc.gov. 


ddrumheller on DSK120RN23PROD with NOTICES1