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NACHA to assess FI fees on ACH payments
February 5, 2007
HERNDON, Va. - NACHA announced that it is assessing a financial institution fee of $.0001 on all Automated Clearing House transactions, except on-us transactions.
According to a news release, NACHA also is assessing every FI using the ACH Network an annual fee of $42.
"Administration fees will ensure that resources are available to support the growth of the ACH network," said Elliott C. McEntee, NACHA's president and chief executive.
Transaction fees will reportedly be used to support risk management, rules enforcement, quality and other network administration programs. Annual fees will contribute a minimum amount to the maintenance of the NACHA Operating Rules.
The fees will support NACHA's ACH network administration services, including maintenance and enforcement of the NACHA Operating Rules; risk-management programs and alert services; quality improvements; the development of rules for new ACH applications; ACH network communications, research, and statistics; and administration of the national ACH marketing campaign.
Transaction fees will be assessed on all originated and received ACH credits and debits, including non-dollar transactions. All commercial inter-bank and federal-government ACH transactions also are subject to the fee. The annual fee will be assessed at $3.50 per month. And the amount of the network administration fees will be approved annually by NACHA's board of directors and published in the Schedule of Fees section of the annual ACH rulebook.
ACH's operators, the Federal Reserve and the Electronic Payments Network, will bill and collect the fees.
For more information, visit NACHA's Web site.
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