The System s continuous efforts to improve operational efficiencies have made it possible for us to reduce Funds Transfer fees for the fourth consecutive year, Book-Entry fees for two consecutive years, and ACH service fees for the seventh time in five years. The continued decline in these prices reflects, in large part, the ability of the Federal Reserve to capitalize on the operational efficiencies in providing payment services through centralized electronic payment processing applications. Each of the three tiers of the Funds on-line transaction fee structure will be reduced, with the largest reduction in the lowest priced tier. Consistent and simplified Electronic Check products offered uniformly across Federal Reserve offices will make it easier for financial institutions doing business in multiple districts. Attached is a schedule reflecting new electronic check product pricing.
Shaded items are new products, while the bolded items reflect price changes.
Additional information will be distributed later explaining the new structure in more detail. This should simplify reconciling the total price for individual products. A minimal price increase of 1.9 percent on average for forward collection products is reflected in the Commercial Check Services fee schedule attached. Price changes are bolded for easy reference. No special sorting is required.