Announcing 2021 Check Services deposit discount increase
June 4, 2021
To meet customer and industry needs in an evolving payments landscape, the Federal Reserve Banks continually monitor and analyze check usage and market dynamics to help us provide accessible, secure and efficient Check Services. In light of the continued decline of check volume in the industry, we are making additional adjustments to our Check Services fees.
We will increase the Retail Payments Premium Receiver (RPPR) discount for forward check deposits effective July 6, 2021. Eligible depository institutions will receive a FedForward® deposit discount of $0.003 per item in addition to the existing $0.002 discount. Specific change details can also be found on the Check Services 2021 Fee Schedule.
- Must be a Retail Payments Premium Receiver, defined as a depository institution that is both an ACH Premium ReceiverFootnote 1 and a Check electronic receiverFootnote 2
- Level 2 ACH Premium Receivers only
- Defined as RDFIs receiving at least 90 percent of their ACH items through FedACH®
- Level 1 Premium Receivers are not eligible for the new discounting
- Deposit > 2 million check items/month
If you have questions, please contact your account executive. Thank you for being a valuable partner with our Federal Reserve Financial Services.
1 The ACH Premium Receiver program was approved in July 2012 and has two levels. Any FedACH receiver that receives at least 90 percent of their FedACH-originated items at their FedACH receive point is classified as a Level 1 Premium Receiver. Any FedACH receiver that receives at least 90 percent of all their ACH items at their FedACH receive point is classified as a Level 2 Premium Receiver.
2 An electronic receiver is defined as a routing number that is included on both the forward and return FedReceipt® or PDF lists posted monthly on FRBservices.org®. The Retail Payments Premium Receiver program does not require a DI to receive all of its forward and return check volume from the Federal Reserve; it simply requires that whatever volume a DI does receive from the Federal Reserve, it receives electronically.