The Federal Reserve raises check service fees, but businesses continue to use checks

AI-assisted source summary · not independently verified. Content standards

The Federal Reserve expects to raise check service prices by an average of 5.4% starting January 1. Banks will bear the fees initially, which could prompt them to accelerate the shift of supplier payments from paper checks to electronic payments. In a survey, 59% of businesses used checks to pay B2B bills, but checks accounted for only 13% of payments on average; Nacha plans to raise the Same Day ACH limit from $1 million to $10 million in September 2027.