§248a Pricing of services

Summary

The Board must publish pricing rules and a proposed fee schedule for Federal Reserve services by September 1, 1980, and must start using a fee schedule based on those rules by September 1, 1981. The schedule covers eight kinds of services, including currency and coin, check clearing, wire transfers, automated clearinghouse, settlement, securities safekeeping, Federal Reserve float, and any new services like electronic funds transfers. Prices for covered services must be clear. Nonmember banks must be charged the same fees as member banks, though the Board can require other conditions (for example, keeping balances for clearing). Over time fees should cover all real costs — including interest on items credited before collection, overhead, and an estimated tax and return like a private firm — while also considering competition and keeping services available nationwide. Interest on early credits uses the current federal funds market rate. If service volumes fall, Reserve banks must cut their operating budgets accordingly and send the savings to the U.S. Treasury. All depository institutions may accept deposits or transaction-account items from other depository institutions or from any Federal Reserve bank office without regard to state or federal limits on number or location.