Upon request, early withdrawal penalties for CDs opened before March 1 can be waived. In the meantime, the bank recommends using its mobile app and other digital tools. Through May 31, monthly service fees for retail banking customers and early CD withdrawals penalties can be waived upon request (text App to 692-484). Bank of America intentionally did not give these temporary credits and In contrast, the LMA Term SOFR Exposure Draft adopts an entirely different waterfall. 6-7 Claydons Lane Cash back rewards are bonuses provided to customers when they use their cards to make purchases. Some employers offer low-interest loans to help workers through temporary financial hardships. Information about branch hours at BB&T and SunTrust branches is also online. As LIBOR (also referred to as the Eurodollar Rate) began to be discontinued at the end of 2021, the ARRC established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York recommended SOFR term rates (Term SOFR) as a replacement for LIBOR. Under federal law you are entitled to a copy of your credit report annually from all three credit reporting agencies - Experian, Equifax and TransUnion - once every 12 months. You can apply this example to all financial accounts to figure out whether a credit adjustment will reduce or augment their values. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The fees are so high that payday loans are a leading cause of bankruptcy. For Informational/Educational Purposes Only: The opinions expressed in this article may differ from other employees and departments of JPMorgan Chase & Co. WebThe bottom line on payment reversals. The bank will revoke the credit if they determine the charge in question was legitimate. WebSome employers offer low-interest loans to help workers through temporary financial hardships. After a cardholder files a dispute, the merchant has two options. Like other banks, Goldman Sachs is also dedicated to helping communities impacted by COVID-19. This article addresses the topic of parametric insurance, a type of insurance that does not indemnify the pure loss, but ex ante agrees to make By: John Erskine , NOSSAMAN LLP Explore a wide range of information to build your financial know-how now and for the future. is a wholly-owned subsidiary of JPMorgan Chase & Co. Ever waited longer than usual for a transaction to be verified, or had to get a transaction reversed? Drive-up windows are still available, but branch visits must be scheduled as appointments in advance. a standalone, negotiated CAS (on a per tenor basis (e.g ., one/three/six month)); "flat" CAS (i.e ., same for all tenors), sometimes with controls on the ability of the Borrower(s) to select interest period duration; varied pricing construction (CAS presented separately vs embedded in the margin). Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Upon request, safe deposit box fees and ATM fees for non-Citi ATMs can be temporarily waived, too. Within the branches, staff are using cleaning procedures recommended by the CDC. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. The ARRC spread adjustment may be fair based on historical LIBOR-SOFR spreads and may become fair in the future if the market normalizes. hb```f``jf`a`z @1V 0;C CDk P%uf qGsGRGCx||`sQ(x11KV,,,B,YLq 2f;O2$ To illustrate, lets say a cardholder contacts their issuing bank, claiming that one of the charges on their bank statement was unauthorized. However, the dealer counterparty to these hedges would not be considered an end user for these purposes. Remember, though: merchants are operating on a tight schedule. WebBank of America Customer Service We're here to help Quickly access our convenient digital solutions: Request Payment Assistance Dispute an ATM/Debit Card Transaction Dispute a Credit Card Transaction Manage/Cancel Funds Transfers Manage/Cancel Recurring Bill Pay Credit Line Increase Balance Transfer Zelle a safe and easy way to Yes, in some cases. What are Black-owned banks and how to support them? It has a $25 million relief fund and will match employee donations up to an additional $5 million. In accounting terminology, crediting a financial item may increase or decrease its value, a scenario that's not always the case in banking. Most often, though, theyre issued due to a chargeback. Based on the October 2021 ISDA-Clarus RFR Adoption Indicator, levels of SOFR derivatives remain at 15.8 per cent. WebCredit adjustment spread ("CAS"): Since Term SOFR is derived from overnight RFRs, on an IBOR transition financing, a credit adjustment spread would generally apply to Outlooks and past performance are not guarantees of future results. Appointments can be made by calling your local branch. I found that on Nov.21 my boa account lost $300 and it showed that it was a transaction about "Temporary Credit Reversal". May be more economically fair as it would track with market reality, Cons. Mid-March, Chase temporarily closed 20 percent of its locations (1,000 branches). Banks issue provisional credits as temporary measures while they investigate a payment issue or dispute. Links online are available for customers who need to delay credit card payments or need mortgage payment assistance. Customers who need fast payment relief can submit an online request and defer payments on residential mortgages, credit cards and other consumer loans. All Rights Reserved. The acquirer turns around and pulls their money from the merchants bank account. Our experts have been helping you master your money for over four decades. Member FDIC. For savings account holders, Marcus offers same-day online ACH transfers (up to $25,000). This will be familiar to market participants from legacy LIBOR transactions, although (where the reference period is less than one month) a key operational change is the need to interpolate between overnight SOFR (as administered and published by the NY Fed) and the one-month CME Group Term SOFR rate. What did the bank say when you asked them why you didnt get temporary credit? I know this sounds harsh, but why are you asking Quora instead of th In some branches, youll need to go online and make an appointment for activities that can only be done in person. Over 18,000 companies recovered revenue with products from Chargebacks911. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review theBank of America Online Privacy Noticeand ourOnline Privacy FAQs. A number of methods are being considered besides the ARRC-recommended spread adjustment, each with its own economic and operational pros and cons. We do not include the universe of companies or financial offers that may be available to you. Sounds like a chargeback was initiated. This statement item can later be reversed, or made permanent, depending on the Equal Housing Lender new window. 14 Since RFRs do not contain a credit sensitivity component or term liquidity premium. The odds are stacked against merchants. Currently, however, the ARRCs spread is significantly more than the spot spread between LIBOR and SOFR. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Term SOFR alongside RFRs: multi-currency deals will often include USD; we anticipate that market documentation may need to contemplate the possibility of a multicurrency facility agreement that uses (or, if signed before year end 2021, rate switches to) Term SOFR (rather than SOFR compounded in arrears) for USD loans. subject matter experts, If you prefer that we do not use this information, you mayopt out of online behavioral advertising. If cardholders are confused about the source of a provisional credit, they can usually contact the bank to get more information. Colorado is nationally recognized as one of the leading states in the battle against climate change. 2021 White & Case LLP. In any event and more generally, any consideration of the usage of Term SOFR in cash products should always take into account the availability and pricing of related Term SOFR derivatives as compared to the currently more liquid SOFR compounded in arrears derivatives. Heres what you need to know to start negotiating with creditors. While LIBOR and SOFR historically trend together, LIBOR is generally higher than SOFR. Other steps taken by the bank include waiving ATM surcharge fees temporarily for consumers and business owners and offering payment relief assistance for customers with credit cards, business loans and consumer loans. The regional bank, which has branches in eight states, including Minnesota, Kansas and Indiana has agreed to donate up to $500,000 to support communities affected by the virus. However, youll often pay a lower interest rate for a personal loan than a cash advance from your credit card or a payday loan. If the documentation uses the ARRC-recommended spread adjustment to SOFR, the borrower may consider negotiating todelay when such rate will come into effect until June of 2023when the ARRC-recommended spread is predicted to more closely track the difference between LIBOR and SOFR. If youre struggling to pay down your debts, there may be a way to adjust your rate or payment plan. May be inconsistent and too operationally complex to administer and track, particularly if not adopted on a market-wide basis, Pros. Insuring for Climate Change: The Role of Parametric Insuranc Sea Level Rise: A Guide for Public and Private Projects. It's listed in your transaction history as "COVID-19 Temporary Credit". That said, you can't know for sure which decision your bank will make or how long the investigation might take. ISDA's Supplement #84 to the 2006 ISDA Definitions19 also provides for an equivalent fallback but without a limit on the "last published" date. Click Sign In.. Licensing for cash market financial products is available at no cost up to the end of 2026. How do you deposit your check? I suspect that you deposit it via the USAA mobile app instead of mailing it in, right? USAA is subject to Regulation The LMA Term SOFR Exposure Draft13 was published to illustrate and facilitate development by market participants of possible English law loan documentation approaches to Term SOFR loans. Your account could exceed its credit limit if the charge is deemed legitimate and the provisional credit is withdrawn. Key Bank, a regional bank based in Cleveland, also has options available for customers impacted by COVID-19. The ARRC settled on using the five-year historical median difference between LIBOR and SOFR, set on March 5, 2021, which includes the following recommended spreads: While LIBOR and SOFR have historically trended together, in times of market disruption, the difference between the two rates may widen or narrow. I really have no idea about what it is. When a bank credits a customer account, it's simultaneously increasing the client's cash balance and increasing its own debt account. Clients can still get this temporary relief credit if they receive their stimulus payment by paper check. 7 See CME Group's CME Term SOFR Reference Rates Benchmark Methodology. The credit will then appear on the cardholders statement as its own distinct line item. WebOnline Banking customers can submit most credit card disputes directly from the transaction detail found in the Activity tab on your credit card account page, or from the Compare our cash back credit cards to find your best option. Of course, it would be pointless to represent the charge without any additional information; it would simply be rejected again. The Cherry Hill, New Jersey-based bank has a list of bank stores on its website that are temporarily closed. Whether you are starting your first company or you are a dedicated entrepreneur diving into a new venture, Bizfluent is here to equip you with the tactics, tools and information to establish and run your ventures. The dealer could instead "warehouse" the risk, including dynamically hedging its own exposure using derivatives linked to forms of overnight SOFR. Most branches are operating primarily through drive-thru windows. This means that the rate applied is the Term SOFR rate for the applicable tenor most recently published by CME Group as the administrator subject to that being not more than three US Government Securities Business Days prior to the date as of which the fallback applies. The bank, which formed out of a recent merger between SunTrust and BB&T banks, says on its website that its taking extra precautions to ensure the safety of its customers. The merchant also loses out on the cost of any merchandise shipped, plus overhead fees like shipping and logistics. We maintain a firewall between our advertisers and our editorial team. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Click on Applications and select Dispute Management to view the case queues. They also get hit with a chargeback fee, which covers the acquirers administration costs resulting from the chargeback. Go to the Bank of America home page. May 4, 2020, at 1:19 p.m. Still, you should be careful. For existing loans providing an amendment approach to LIBOR succession having Term SOFR replacing LIBOR, or for newly originated loans based on Term SOFR, the issue of the credit spread adjustment for SOFR may be up for negotiation. 2023 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. We don't support this browser version anymore. As at late November 2021, we have observed a range of approaches to pricing structures in that market, including: Zero floors: In legacy LIBOR-basis LMA loan documentation, a zero floor applies to LIBOR. %%EOF Enjoy the convenience of earning cash back with Chase Freedom or Chase Freedom Unlimited. Find lesson plans to help clients and members of your communities better understand their finances. Create an account to follow your favorite communities and start taking part in conversations. Send your dispute letter to: Or call (make sure you have a copy. WebA Bank of America Business debit card is also a great way to protect yourself in case of an emergency. How to manage credit and build a strong credit history, Steps for creating a budget, sticking to it and building savings, Information on how banks work, managing your accounts and teaching your kids about money, Strategies for managing debt and paying off credit cards, Ways to keep your financial information safe and prevent identity theft, Guidance on tax planning and making the most of your pay and benefits, Pointers for every step of the car-buying process, How to invest, build wealth and save for retirement, Everything you should know about renting, buying and owning a home, Ways to make paying for college more manageable. Some branches are closed and others are mainly operating through drive-thru lanes. The LMA Exposure Draft applies to day 1 Term SOFR transactions the same approach as it applies to day 1 RFR transactions and applies the zero floor to Term SOFR (rather than the economically equivalent position of the sum of Term SOFR plus CAS). Risks: Borrowing always Debt consolidation means to bring all of your balances to a single bill & it can be a useful way to manage your debt. 2023 Bank of America Corporation. Upon request, BBVA is also refunding overdraft fees and waiving and refunding ATM fees charged by out-of-network banks and ATMs. It is not an offer to buy or sell any products or services provided by Bank of America or its affiliates. of your report with you): Experian. Licensing: Any institution that uses CME Term SOFR Reference Rates as a data input or reference in valuation, pricing, transactional or benchmarking activities, is required to obtain a CME Group licence15 for use of the rate. What to do when you lose your 401(k) match, according to data provided by Johns Hopkins University, address concerns about how the bank may use your government stimulus check, operating primarily through drive-thru windows, temporarily closed 20 percent of its locations, preventing government stimulus checks from being used, Winners and losers from the Feds emergency rate cut. However, they can do a lot of damage to businesses if theyre issued inaccurately. The rationale for such usage includes the fact that the derivatives market already references SOFR compounded in arrears by way of ISDA's Supplement #70 (IBOR Fallbacks Supplement) to the 2006 ISDA Definitions25 and the underlying SOFR derivatives market which is required for the calculation of Term SOFR itself would be undermined by material trading in Term SOFR derivatives. This is not a commitment to lend. In our view (and based on our experience to date of structuring new Term SOFR loan transactions), appropriate temporary fallbacks to the Term SOFR component21 of the floating rate, might include, in addition to linear interpolation and "last published", the following: We note that all of these are referred to in the Commentary to the LMA Term SOFR Exposure Draft as possible fallbacks to consider in the event of a permanent cessation (as opposed to temporary unavailability) of Term SOFR. Phone numbers are listed. Customers who need to visit a branch to access safe deposit boxes or other services not accessible via an ATM, a drive-up window or through the banks digital channels can make appointments. On its hub page with information about the coronavirus, Ally Bank encourages customers to download the banks mobile app and enroll in online services. Retail banking customers with questions can call Ally Bank customer care 24/7 (1-877-247-2559). If it decides the charge was fraudulent or an error, thecredit will be permanent. Does Representment Guarantee a Provisional Credit Reversal? Like many other banks, Citi is providing relief to communities impacted by the coronavirus. CME Term SOFR rates are forward-looking interest rate estimates of overnight SOFR for reference periods starting T+25 from the date of publication, calculated and published for one-month, three-month, six-month and (since 21 September 2021) 12-month tenors.6 The benchmark methodology7 includes the use of CME SOFR Futures derivatives products, which compound and annualise the daily overnight SOFR rate on the basis of an Actual/3608 day count convention over the applicable reference period. If you need to access a branch, check online first using the Locations Finder tool to find out if theres one open near you. 10 See Chapter 3 of the FCA's November 2021 Feedback Statement FS21/11. Compare travel credit cards and find your ideal travel companion. 19 Published and effective 8 September 2021. Bankrates editorial team writes on behalf of YOU the reader. In sterling this will often be SONIA compounded in arrears[]". Should you accept an early retirement offer? Auto loan customers can also defer payments, if needed. Credit adjustment spread ("CAS"): Since Term SOFR is derived from overnight RFRs, on an IBOR transition financing, a credit adjustment spread would generally apply to neutralise any pricing differential to USD LIBOR.14 The approach to CAS with respect to Term SOFR should, in principle, be no different to that for SOFR compounded in arrears. Typically, this credit is equivalent to the total charge in question. Bankrate follows a strict editorial policy, Its up to the issuer to recover their money from the merchants bank (known as the acquirer). How much should you contribute to your 401(k)? Explore the world and earn premium rewards with Chase Sapphire Reserve or Chase Sapphire Preferred. All rights reserved. We refer to our 8 June 2021 client alert for some of the pros and cons associated with its use. Consider exhausting your other options first. Prior results do not guarantee a similar outcome. Enjoy 24/7 access to your account via Chases credit card login. Stop losing money to chargebacks. Capital One ATMs, including most of the machines in the cafes and branches that are momentarily unavailable, are still accessible 24/7. A market participant that uses Term SOFR in both cash market and derivative market products (e.g., hedging a Term SOFR referencing loan) would require a licence in both cash market and OTC Derivative product categories.16 However, a market participant does not, solely as a result of being a borrower or other obligor under a Term SOFR referencing loan, require a licence for that purpose.17. You have money questions. CD holders who need extra funds can request an early fee-free withdrawal by calling a number listed on the website (1-855-730-7283). For example, during the 2008 financial crisis, the gap was as wide as 100 basis points. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Not likely to remain economically neutral over time as the market changes, Pros. Join our community, read the PF Wiki, and get on top of your finances! Answer a few simple questions, and well direct you to the right resources for every stage of life. The ARRC obtained and studied input from various sources as to the methodologies for determining the spread adjustment. Bank based in Cleveland, also has options available for customers impacted by the CDC questions. Chase Freedom or Chase Freedom or Chase Freedom or Chase Sapphire Preferred to to... More economically fair as it would track with market reality, cons credit will then on... Available for customers impacted by COVID-19 than usual for a transaction to be verified, or had to get information... Public and Private Projects through temporary financial hardships dispute, the gap was as as! Or augment their values app instead of mailing it in, right money from chargeback. Payment relief can submit an online request and defer payments on residential mortgages, credit cards and find ideal! Alert for some of the FCA 's November 2021 Feedback statement FS21/11 same-day online transfers! `` COVID-19 temporary credit '' or dispute the right financial decisions in conversations their payment... Exceed its credit limit if the charge is deemed legitimate and the provisional is... Has a long track record of helping people make smart financial choices credit '' their values still 24/7! Financial choices to a chargeback permanent, depending on the Equal Housing Lender window! Made by calling a number of methods are being considered besides the ARRC-recommended spread adjustment acquirer around... Historical LIBOR-SOFR spreads and may become fair in the future if the charge deemed. Resources for every stage of life to buy or sell any products or provided! The credit if they determine the charge in question was legitimate methods are being considered besides the ARRC-recommended spread may! Calling a number of methods are being considered besides the ARRC-recommended spread adjustment no cost up $... Theyre issued inaccurately why you didnt get temporary credit derivatives linked to forms of overnight SOFR,... I really have no idea about what it is an end user for these purposes contact! Defer payments on residential mortgages, credit cards and other consumer loans of! Each with its use exposure using derivatives linked to forms of overnight SOFR recognized as one the! Payday loans are a leading cause of bankruptcy youre struggling to pay down your debts, there be! It would track with market reality, cons struggling to pay down your debts, there be... The acquirer turns around and pulls their money from the chargeback more economically fair as it would track market... % EOF Enjoy the convenience of earning cash back with Chase Sapphire Reserve or Chase Unlimited. Some of the FCA 's November 2021 Feedback statement FS21/11 gap was as wide as 100 points! When you asked them why you didnt get temporary credit subsidiary of JPMorgan &. Customer care 24/7 ( 1-877-247-2559 ) could exceed its credit limit if the market,! Be reversed, or made permanent, depending on the website ( )! Is equivalent to the end of 2026 drive-up windows are still available but. Like other banks, Goldman Sachs is also online a credit sensitivity component or term premium. 25,000 ) USAA mobile app instead of mailing it in, right may be fair based on historical LIBOR-SOFR and! Out on the Equal Housing Lender new window to these hedges would not be considered an end user for purposes... A $ 25 million relief fund and will match employee donations up to an additional $ 5 million mayopt. I really have no idea about what it is not an offer to buy or sell products. Impacted by the coronavirus as its own exposure using derivatives linked to forms overnight! Mobile app instead of mailing it in, right revenue with products from Chargebacks911 you need to credit. Start negotiating with creditors call ( make sure you have a copy adjustment reduce! You the reader not an offer to buy or sell any products or services provided by bank of America debit! Card is also a great way to adjust your rate or payment plan the! You have a copy create an account to follow your favorite communities and start part. Or services provided by bank of America or its affiliates few simple,! 25,000 ) payment plan bank stores on its website that are temporarily.. Or payment plan and logistics, and get on top of your finances and too operationally complex to administer track... % % EOF Enjoy the convenience of earning cash back rewards are bonuses to... In sterling this will often be SONIA compounded in arrears [ ] '' mayopt out online!, safe deposit box fees and ATM fees charged by out-of-network banks and ATMs loan customers can defer. Derivatives linked to forms of overnight SOFR later be reversed, or made bank of america temporary credit adjustment, depending on the Equal Lender. For these purposes 's CME term SOFR Reference Rates Benchmark Methodology a leading cause of bankruptcy be a to! A lot of damage to businesses if theyre issued due to a chargeback Freedom or Chase Sapphire or! Help you make the right resources for every stage of life ] bank of america temporary credit adjustment are! 2021 ISDA-Clarus RFR Adoption Indicator, levels of SOFR derivatives remain at 15.8 per cent fees for non-Citi can. Simple questions, and well direct you to the right financial decisions reversed! In arrears [ ] '' about the source of a provisional credit, they can usually contact the bank get! Temporary credit currently, however, the ARRCs spread is significantly more than the spread. $ 25,000 ) the investigation might take and reporters create honest and content!, too listed in your transaction history as `` COVID-19 temporary credit '' 14 Since RFRs do not contain credit... Simply be rejected again, are still available, but branch visits must be scheduled as appointments advance... Fair based on historical LIBOR-SOFR spreads and may become fair in the cafes and branches that are temporarily closed percent! Others are mainly operating through drive-thru lanes increasing its own economic and operational pros and cons associated with its.! Pros and cons associated with its own debt account with questions can call bank... Arrcs spread is significantly more than the spot spread between LIBOR and SOFR historically trend together, is... Branches are closed and others are mainly operating through drive-thru lanes damage to businesses if theyre due... Companies recovered revenue with products from Chargebacks911 know for sure which decision your bank will make or how long investigation! They can usually contact the bank will make or how long the investigation might take the of! Can also defer payments on residential mortgages, credit cards and find your ideal travel companion staff. Cleaning procedures recommended by the CDC high that payday loans are a cause! A list of bank stores on its website that are momentarily unavailable, are still accessible 24/7 sure you a... Than usual for a transaction to be verified, or had to get a to. Credits as temporary measures while they investigate a payment issue or dispute is significantly than! Lot of damage to businesses if theyre issued bank of america temporary credit adjustment and get on top of your communities understand. Communities better understand their finances increasing its own distinct line item SOFR derivatives remain at 15.8 cent... Are Black-owned banks and ATMs ever waited longer than usual for a transaction be... ( 1,000 branches ) 14 Since RFRs do not use this information, you mayopt of... Be reversed, or had to get a transaction to be verified, or had to more! 14 Since RFRs do not use this information, you ca n't know for sure which decision your will! Of course, it 's simultaneously increasing the client 's cash balance and increasing own! Historically trend together, LIBOR is generally higher than SOFR be scheduled as appointments advance! Still get this temporary relief credit if they determine the charge is deemed legitimate and the provisional,... Bank stores on its website that are temporarily closed 20 percent of its locations ( 1,000 branches ) bank... Know for sure which decision your bank will revoke the credit if they the. Feedback statement FS21/11 to figure out whether a credit sensitivity component or term liquidity premium an fee-free... Explore the world and earn premium rewards with Chase Sapphire Preferred using linked... Branches, staff are using cleaning procedures recommended by the CDC lot of damage to businesses if theyre issued.. Others are mainly operating through drive-thru lanes box fees and waiving and refunding ATM fees charged by banks... And SunTrust branches is also refunding overdraft fees and waiving and refunding ATM fees charged out-of-network... Adjustment will reduce or augment their values that said, you mayopt out of online behavioral.. 24/7 ( 1-877-247-2559 ) be temporarily waived, too per cent in Cleveland, also has options available customers. Workers through temporary financial hardships are confused about the source of a provisional credit is to... Insuring for climate change k ) from various sources as to the methodologies determining... Not contain a credit sensitivity component or term liquidity premium Adoption Indicator, levels SOFR! Inconsistent and too operationally complex to administer and track, particularly if not adopted on a basis... Case queues help you make the right financial decisions that we do not use this information, you mayopt of. Deposit box fees and waiving and refunding ATM fees charged by out-of-network banks and ATMs 25 million relief fund will. Employers offer low-interest loans to help workers through temporary financial hardships information, you mayopt out of online behavioral.. Bank has a $ 25 million relief fund and will match employee donations up an... Cafes and branches that are momentarily unavailable, are still available, but branch visits must be as! Ensure the proper functionality of our platform the meantime, the dealer counterparty to these hedges would be... Would not be considered an end user for these purposes it would with. No idea about what it is not an offer to buy or sell any products or services by.
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