It's $25/mo per routing transit number, which means basically per bank or financial institution, since each bank has usually one or a handful of routing numbers, even if they have millions of accounts.

I'd like clarification but from the wording and this release, it seems that it's about $0.05 per transaction and the bank has to pay a $25/mo fee per routing number: https://www.pymnts.com/news/faster-payments/2022/fed-release...

Oh, I missed that it was per RTN, and just focused on the "that can receive debits" part; yeah, that's super cheap then, particularly since they don't take a percentage of the transaction value and it has a default maximum transaction limit of $100k.

Wouldn't be surprised if banks or credit unions waved the fee as a benefit for their members

The fee is so minimal ($25/mo per bank / $0.05 per transaction) that any bank that even attempts to pass it through is really doing a disservice to their account holders. That said, I put nothing past Wells Fargo or Bank of America.

Given that the sender pays the bulk of the transaction fee, and smaller customers are more likely to send a lot than receive a lot, I suspect the $0.045 to be passed through. Of course, merchants might want to eat the fee by charging $0.045 less in order to encourage people to use this instead of credit cards (which are far costlier to merchants, and can incur chargebacks).