Banking

Study: South Florida has nation’s fourth-highest highest ATM fees

An ATM.
An ATM. Wichita Eagle/MCT

Think twice before you use that ATM.

South Florida has the fourth-highest out-of-network ATM fees in the nation, according to a study released Monday by personal finance website Bankrate.

The average fee for an out-of-network transaction in Miami-Dade, Broward and Palm Beach counties was $4.84 over the past year, Bankrate found. That number combines both the fee charged by the ATM operator and the fee charged by the consumer’s own financial institution.

Only Phoenix ($4.88), New York ($5.03) and Atlanta ($5.15), were pricier among major metro areas. San Francisco ($3.85), Cincinnati ($3.86), Kansas City ($4.01), Dallas ($4.11) and Seattle ($4.21) offer the best deals for cost-conscious consumers.

Nationwide, the fee for out-of-network transactions rose to an average of $4.52 in 2015, up four percent over the last year.

“The most important thing for consumers to know is that all of these fees are completely avoidable,” Greg McBride, Bankrate.com’s chief financial analyst, said in a statement. “Shop around for a bank or credit union that fits your lifestyle so that you can keep more of your hard-earned cash.”

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