What is the main idea of the passage?

Changing banks can involve time, effort, risk, and lost convenience even when no explicit switching fee appears. (The passage lists nonprice burdens and explains how they influence choices without recommending one bank.)

Why might automatic payments make a customer hesitate?

A transfer mistake could disrupt an important payment during the change. (The second paragraph names concern about misdirected salary or rent as a source of perceived risk.)

What does “scarce” mean in the second paragraph?

limited and therefore worth conserving (Time and attention are described as resources a customer cannot spend without limit.)

Which familiar feature may have value?

a nearby branch (The passage includes a nearby branch among conveniences that can make an existing account valuable.)

The Fee Hidden in Changing Banks: Level 2 Reading Comprehension Questions

A bank may advertise an account with no switching fee. Moving an account can still carry costs that never appear as one charge. During the transition, a customer must compare terms, complete forms, learn a new app, and transfer automatic payments.

Time and attention are scarce resources. If a person worries that a salary deposit or rent payment could be misdirected, staying may feel safer. Familiar staff, a nearby branch, saved payees, or an old record system can also have value. Economists call such burdens switching costs.

Switching costs do not prove that staying is wise, and they do not make every advertised offer misleading. They explain why a small price difference may not cause an immediate move. A useful comparison includes money, time, risk, and lost convenience. The best choice depends on the person's needs and the account's actual terms.

Comprehension questions