Currently, such clearing balances do not earn explicit interest, but they do earn implicit interest in the form of credits that may be used to pay for Federal Reserve services, such as check clearing. Excess reserve balances are funds held by depository institutions in their accounts at Reserve Banks in excess of their required reserve and contractual clearing balances.
Excess reserve balances currently do not earn explicit or implicit interest. The Board has long supported legislation that would authorize the Federal Reserve to pay depository institutions interest on the balances they hold at Reserve Banks.