Federal Reserve approves 2027 service fees and PSAF

The Board of Governors of the Federal Reserve System has approved a private-sector adjustment factor (PSAF) of $35.3 million for 2027 and released the 2027 fee schedules for Federal Reserve priced services and electronic access. The schedules become effective on January 1, 2027.

The 2027 pricing changes introduce a new FRFS Access Fee that bundles access to FedLine services and eligibility-based discounts, while reducing or eliminating certain FedLine connectivity fees. Check Services fees are being increased, low-volume offerings retired, and operating hours trimmed during low-activity periods. Modest fee increases are applied to the Fedwire Funds Service, modest decreases to Fedwire Securities fees, and the FedLine Direct WAN fee is raised to encourage required network upgrades. No changes are made to FedACH or FedNow fees beyond earlier 2026 announcements. The Board characterizes the overall enterprise pricing adjustments as revenue-neutral for 2027.

The Reserve Banks project a mature priced services cost-recovery rate of 101.5 percent in 2027, yielding a net gain of $19.0 million and a targeted return on equity of $10.7 million. Customers can expect an average price increase of 1.4 percent, with all mature service lines except Check Services anticipated to achieve full cost recovery.

The PSAF of $35.3 million reflects a $1.2 million increase over the 2026 PSAF of $34.1 million, driven by $1.6 million in Board expenses and $0.3 million in sales taxes, offset by a $0.8 million reduction in the cost of capital. Including the FedNow Service raises the PSAF to $40.6 million, but FedNow revenue remains excluded from the 2027 performance projections.

Full fee schedules are available at www.FRBservices.org. For further information, contact Ian Spear, Deputy Associate Director, or Yonel Admasu, Financial Institution Policy Analyst III, at (202) 452-3000.