The Federal Reserve announced a 5.4% average increase in check-service prices, effective January 1. This adjustment includes raising the FedReceipt Daily per-item charge from $0.0005 to $0.0015. Additionally, the premium delivery fee will increase by one cent to $0.058 per item, while standard rejected-item repair costs will rise from 30 cents to 36 cents.
Data from PYMNTS Intelligence indicates that checks still account for 13% of B2B payments on average, with 59% of surveyed businesses utilizing them. Among small- to medium-sized businesses operating for at least 20 years, checks represent 54% of vendor payments. In sectors like construction and utilities, checks account for 41% of payments, while professional services utilize them for 40% of transactions.
Nacha reported nearly 2.3 billion B2B ACH payments in the third quarter, marking a 9.7% year-over-year increase. The organization plans to raise the Same Day ACH transaction limit from $1 million to $10 million in September 2027. Meanwhile, commercial check volumes sent to Reserve Banks for collection declined by 8.7% through August compared to the previous year.
The Federal Reserve is also modifying its service schedules for instant payments. The FedNow Service will replace its automatic discount on the first 2,500 monthly transfers with conditional statement credits. Furthermore, starting in May, the Federal Reserve will extend its weekend check-processing shutdown from 16 to 39 hours, potentially influencing the adoption of alternative payment methods.
