U.S. Code » Title 12 » Chapter CHAPTER 3— FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER II— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

12 U.S.C. § 248a

Pricing of services

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(a) Publication of pricing principles and proposed schedule of fees; effective date of schedule of fees

Not later than the first day of the sixth month after March 31, 1980, the Board shall publish for public comment a set of pricing principles in accordance with this section and a proposed schedule of fees based upon those principles for Federal Reserve bank services to depository institutions, and not later than the first day of the eighteenth month after March 31, 1980, the Board shall begin to put into effect a schedule of fees for such services which is based on those principles.

(b) Covered servicesThe services which shall be covered by the schedule of fees under subsection (a) are—(1) currency and coin services;(2) check clearing and collection services;(3) wire transfer services;(4) automated clearinghouse services;(5) settlement services;(6) securities safekeeping services;(7) Federal Reserve float; and(8) any new services which the Federal Reserve System offers, including but not limited to payment services to effectuate the electronic transfer of funds.(c) Criteria applicableThe schedule of fees prescribed pursuant to this section shall be based on the following principles:(1) All Federal Reserve bank services covered by the fee schedule shall be priced explicitly.(2) All Federal Reserve bank services covered by the fee schedule shall be available to nonmember depository institutions and such services shall be priced at the same fee schedule applicable to member banks, except that nonmembers shall be subject to any other terms, including a requirement of balances sufficient for clearing purposes, that the Board may determine are applicable to member banks.(3) Over the long run, fees shall be established on the basis of all direct and indirect costs actually incurred in providing the Federal Reserve services priced, including interest on items credited prior to actual collection, overhead, and an allocation of imputed costs which takes into account the taxes that would have been paid and the return on capital that would have been provided had the services been furnished by a private business firm, except that the pricing principles shall give due regard to competitive factors and the provision of an adequate level of such services nationwide.(4) Interest on items credited prior to collection shall be charged at the current rate applicable in the market for Federal funds.(d) Budgetary consequences of decline in volume of services

The Board shall require reductions in the operating budgets of the Federal Reserve banks commensurate with any actual or projected decline in the volume of services to be provided by such banks. The full amount of any savings so realized shall be paid into the United States Treasury.

(e) Parity in clearing

All depository institutions, as defined in section 461(b)(1) of this title, may receive for deposit and as deposits any evidences of transaction accounts, as defined by section 461(b)(1) of this title from other depository institutions, as defined in section 461(b)(1) of this title or from any office of any Federal Reserve bank without regard to any Federal or State law restricting the number or the physical location or locations of such depository institutions.

(Dec. 23, 1913, ch. 6, § 11A, as added Pub. L. 96–221, title I, § 107, Mar. 31, 1980, 94 Stat. 140; amended Pub. L. 100–86, title VI, § 612(a), Aug. 10, 1987, 101 Stat. 652.)Editorial NotesAmendments

1987—Subsec. (e). Pub. L. 100–86 added subsec. (e).

Statutory Notes and Related SubsidiariesEffective Date of 1987 Amendment

Pub. L. 100–86, title VI, § 612(b), Aug. 10, 1987, 101 Stat. 652, provided that: “The amendment made by subsection (a) [amending this section] shall take effect on the date of enactment of this title [Aug. 10, 1987].”

Effective Date

Section effective on first day of sixth month which begins after Mar. 31, 1980, see section 108 of Pub. L. 96–221, set out as an Effective Date of 1980 Amendment note under section 248 of this title.

Notes of Decisions
Cited in 13 cases (5 in the last 5 years), 1983–2026 · leading case: Fourth Corner Credit Union v. Fed. Reserve Bank of Kansas City, 861 F.3d 1052 (10th Cir. 2017).
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Fourth Corner Credit Union v. Fed. Reserve Bank of Kansas City, 861 F.3d 1052 (10th Cir. 2017). · cites it 10× “The Credit Union asserted that the Reserve Bank is required by statute to issue a master account to every applicant, citing 12 U.S.C. § 248a. The Reserve Bank moved to dismiss the complaint, arguing that (1) the Reserve Bank retains statutory discretion to deny master-account…”
Jet Courier Servs., Inc., Pdq Air Servs., Inc., Dixie Airways, Inc. v. Fed. Reserve Bank of Atlanta, 713 F.2d 1221 (6th Cir. 1983). · cites it 3× “Section 107 of the MCA added a new Section 11A to the Federal Reserve Act, codified as 12 U.S.C. § 248a (1976 ed., Supp. IV): § 248a.”
Bank Stationers Ass'n, Inc. v. Bd. of Governors of the Fed. Reserve Sys., 704 F.2d 1233 (11th Cir. 1983). · cites it 2× “They allege that below cost fees violate § 107 of the Monetary Control Act of 1980, 12 U.S.C. § 248a (Supp. IV 1980). 2 The district court dismissed the suit finding that Bank Stationers lacked standing to challenge the Board’s action.”
Washington Petroleum & Supply Co. v. Girard Bank, 629 F. Supp. 1224 (M.D. Penn. 1983). “5 See 12 U.S.C. § 248a(b). It also supervises and examines certain depository institutions, bank holding companies, Edge Act and Agreement Corporations, and limited purpose trust companies, all of which must be situated within the Second Federal Reserve District.”
Fourth Corner Credit Union v. Fed. Reserve Bank, 154 F. Supp. 3d 1185 (D. Colo. 2016). · cites it 2× “in New York did not create personal jurisdiction because they did no more than compensate for a statutorily mandated act under 12 U.S.C. § 248a). However, it is at least implicit that this statute does not mandate the opening of a master -account that will facilitate activities…”
Northpark Nat'l Bank v. Bankers Trust Co., 572 F. Supp. 520 (S.D.N.Y. 1983). “See 12 U.S.C. § 248a. It is clear that such fees were intended as no more than a rationing mechanism to cover the costs of a statutorily mandated activity.”
Custodia Bank v. Fed. Reserve Bd. of Governors (10th Cir. 2025). · cites it 15× “12 U.S.C. § 248a. 9 Appellate Case: 24-8024 Document: 167 Date Filed: 10/31/2025 Page: 10 B.”
Total Aviation Servs., Inc. v. United Jersey Bank, 626 F. Supp. 1087 (E.D.N.Y 1986). “12 U.S.C. § 248a. The inquiry does not, however, end here.”
Banco San Juan Internacional, Inc. v. The Fed. Reserve Bank of New York (S.D.N.Y. 2023). · cites it 4× “Recounting the process of check collection in the Federal Reserve System, the Court of Appeals emphasized that Congress’s amendments to 12 U.S.C. § 248a made the services enumerated in that section “available to all banks, regardless of whether or not they were member banks.”
Custodia Bank Inc v. Fed. Reserve Bd. of Governors (D. Wyo. 2022). · cites it 4× “A master account also enables its holder to access various services promised by 12 U.S.C. § 248a beyond deposit and withdrawal services, including wire transfer services, automated clearinghouse services, settlement services, securities safekeeping, and Federal Reserve float…”
PayServices Bank v. Fed. Reserve Bank of San Francisco (D. Idaho 2024). · cites it 2× “12 U.S.C. § 248a (emphasis in original). Most obviously problematic to PayServices’ claim is that § 248a(c)(2) appears in Subchapter II of Chapter 3 of Title 12 of the United States Code.”
TNB USA Inc. v. Fed. Reserve Bank of New York (S.D.N.Y. 2020). “Procedural Posture On August 31, 2018, TNB filed its one count complaint alleging the FRBNY’s violation of Section 11A of the Federal Reserve Act, 12 U.S.C. § 248a(c)(2). (Id. at ¶ 120–124).”
Show all 13 citing cases →
— 12 U.S.C. § 248a(a) — 3 cases
Banco San Juan Internacional, Inc. v. The Fed. Reserve Bank of New York (S.D.N.Y. 2023). “Recounting the process of check collection in the Federal Reserve System, the Court of Appeals emphasized that Congress’s amendments to 12 U.S.C. § 248a made the services enumerated in that section “available to all banks, regardless of whether or not they were member banks.”
Custodia Bank Inc v. Fed. Reserve Bd. of Governors (D. Wyo. 2022). “A master account also enables its holder to access various services promised by 12 U.S.C. § 248a beyond deposit and withdrawal services, including wire transfer services, automated clearinghouse services, settlement services, securities safekeeping, and Federal Reserve float…”
Custodia Bank v. Fed. Reserve Bd. of Governors (10th Cir. 2025). “12 U.S.C. § 248a. 9 Appellate Case: 24-8024 Document: 167 Date Filed: 10/31/2025 Page: 10 B.”
— 12 U.S.C. § 248a(b) — 2 cases
Jet Courier Servs., Inc., Pdq Air Servs., Inc., Dixie Airways, Inc. v. Fed. Reserve Bank of Atlanta, 713 F.2d 1221 (6th Cir. 1983). “Section 107 of the MCA added a new Section 11A to the Federal Reserve Act, codified as 12 U.S.C. § 248a (1976 ed., Supp. IV): § 248a.”
Washington Petroleum & Supply Co. v. Girard Bank, 629 F. Supp. 1224 (M.D. Penn. 1983). “5 See 12 U.S.C. § 248a(b). It also supervises and examines certain depository institutions, bank holding companies, Edge Act and Agreement Corporations, and limited purpose trust companies, all of which must be situated within the Second Federal Reserve District.”
— 12 U.S.C. § 248a(b)(1) — 1 case
Custodia Bank v. Fed. Reserve Bd. of Governors (10th Cir. 2025). “12 U.S.C. § 248a. 9 Appellate Case: 24-8024 Document: 167 Date Filed: 10/31/2025 Page: 10 B.”
— 12 U.S.C. § 248a(b)(8) — 1 case
Fourth Corner Credit Union v. Fed. Reserve Bank of Kansas City, 861 F.3d 1052 (10th Cir. 2017). “The Credit Union asserted that the Reserve Bank is required by statute to issue a master account to every applicant, citing 12 U.S.C. § 248a. The Reserve Bank moved to dismiss the complaint, arguing that (1) the Reserve Bank retains statutory discretion to deny master-account…”
— 12 U.S.C. § 248a(c) — 2 cases
Jet Courier Servs., Inc., Pdq Air Servs., Inc., Dixie Airways, Inc. v. Fed. Reserve Bank of Atlanta, 713 F.2d 1221 (6th Cir. 1983). “Section 107 of the MCA added a new Section 11A to the Federal Reserve Act, codified as 12 U.S.C. § 248a (1976 ed., Supp. IV): § 248a.”
Banco San Juan Internacional, Inc. v. The Fed. Reserve Bank of New York (S.D.N.Y. 2023). “Recounting the process of check collection in the Federal Reserve System, the Court of Appeals emphasized that Congress’s amendments to 12 U.S.C. § 248a made the services enumerated in that section “available to all banks, regardless of whether or not they were member banks.”
— 12 U.S.C. § 248a(c)(1) — 1 case
Custodia Bank v. Fed. Reserve Bd. of Governors (10th Cir. 2025). “12 U.S.C. § 248a. 9 Appellate Case: 24-8024 Document: 167 Date Filed: 10/31/2025 Page: 10 B.”
— 12 U.S.C. § 248a(c)(2) — 7 cases
Fourth Corner Credit Union v. Fed. Reserve Bank of Kansas City, 861 F.3d 1052 (10th Cir. 2017). “The Credit Union asserted that the Reserve Bank is required by statute to issue a master account to every applicant, citing 12 U.S.C. § 248a. The Reserve Bank moved to dismiss the complaint, arguing that (1) the Reserve Bank retains statutory discretion to deny master-account…”
Fourth Corner Credit Union v. Fed. Reserve Bank, 154 F. Supp. 3d 1185 (D. Colo. 2016). “in New York did not create personal jurisdiction because they did no more than compensate for a statutorily mandated act under 12 U.S.C. § 248a). However, it is at least implicit that this statute does not mandate the opening of a master -account that will facilitate activities…”
Custodia Bank v. Fed. Reserve Bd. of Governors (10th Cir. 2025). “12 U.S.C. § 248a. 9 Appellate Case: 24-8024 Document: 167 Date Filed: 10/31/2025 Page: 10 B.”
PayServices Bank v. Fed. Reserve Bank of San Francisco (D. Idaho 2024). “12 U.S.C. § 248a (emphasis in original). Most obviously problematic to PayServices’ claim is that § 248a(c)(2) appears in Subchapter II of Chapter 3 of Title 12 of the United States Code.”
TNB USA Inc. v. Fed. Reserve Bank of New York (S.D.N.Y. 2020). “Procedural Posture On August 31, 2018, TNB filed its one count complaint alleging the FRBNY’s violation of Section 11A of the Federal Reserve Act, 12 U.S.C. § 248a(c)(2). (Id. at ¶ 120–124).”
— 12 U.S.C. § 248a(c)(3) — 1 case
Bank Stationers Ass'n, Inc. v. Bd. of Governors of the Fed. Reserve Sys., 704 F.2d 1233 (11th Cir. 1983). “They allege that below cost fees violate § 107 of the Monetary Control Act of 1980, 12 U.S.C. § 248a (Supp. IV 1980). 2 The district court dismissed the suit finding that Bank Stationers lacked standing to challenge the Board’s action.”
— 12 U.S.C. § 248a(e) — 1 case
Custodia Bank v. Fed. Reserve Bd. of Governors (10th Cir. 2025). “12 U.S.C. § 248a. 9 Appellate Case: 24-8024 Document: 167 Date Filed: 10/31/2025 Page: 10 B.”
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