Quicken cost of direct download of Citibank: ten dollars per month!!

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Z Man

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Aug 10, 2004, 8:46:30 PM8/10/04
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I just called Citibank online support to set up direct download of my
checking transactions into Quicken. The Citibank rep informed me that I
would be charged $9.95 per month for this privilege. I was further told that
this fee is charged by Quicken, NOT by Citibank. As an alternative, I could
download the activity from Citibank and manually import into Quicken, which
is free but a lot less convenient. Is it really true that I will have to pay
$9.95 monthly for direct download?


Notan

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Aug 10, 2004, 9:08:57 PM8/10/04
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Greed. Pure, unadulterated greed.

Notan

sp...@spam.com

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Aug 10, 2004, 9:18:42 PM8/10/04
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Many banks do not offer free downloads into Quicken.

R. Colin Hickey

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Aug 10, 2004, 9:36:01 PM8/10/04
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Apply for a Citibank "Everything Counts" account. They basically group all
your existing accounts together and don't charge for direct access via
Quicken, provided you have at least $10K in all your accounts combined.

Colin

"Z Man" <z...@hotmail.com> wrote in message
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Han

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Aug 10, 2004, 9:45:20 PM8/10/04
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"R. Colin Hickey" <chickeyDOTcom@attDOTnet> wrote in
news:5KeSc.4316$Kv2.1069@trndny09:

> Apply for a Citibank "Everything Counts" account. They basically
> group all your existing accounts together and don't charge for direct
> access via Quicken, provided you have at least $10K in all your
> accounts combined.
>
> Colin
>

Be forewarned that 1) If you have a securities-type account in the
combination, the minimum is 20K (at least it was for me).

Also 2): If you ever fall below the that minimum, the fees they charge are
really exorbitant.

Nevertheless I am enjoying the setup I have.

--
Best regards
Han
email address is invalid

Notan

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Aug 10, 2004, 9:52:21 PM8/10/04
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Han wrote:
>
> "R. Colin Hickey" <chickeyDOTcom@attDOTnet> wrote in
> news:5KeSc.4316$Kv2.1069@trndny09:
>
> > Apply for a Citibank "Everything Counts" account. They basically
> > group all your existing accounts together and don't charge for direct
> > access via Quicken, provided you have at least $10K in all your
> > accounts combined.
> >
> > Colin
> >
>
> Be forewarned that 1) If you have a securities-type account in the
> combination, the minimum is 20K (at least it was for me).
>
> Also 2): If you ever fall below the that minimum, the fees they charge are
> really exorbitant.

Didn't the OP state that it was Quicken that was charging the fee,
not Citibank?

Notan

Blackwood

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Aug 10, 2004, 10:27:27 PM8/10/04
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Notan <no...@ddress.com> wrote in news:41197BD5...@ddress.com:

> Didn't the OP state that it was Quicken that was charging the fee,
> not Citibank?

He did, but he may have meant that the fee is paid to Citibank and Citibank
is just stating that they in turn pay that amount to Intuit. There's no way
to know if they're telling the truth, but I suspect Intuit does charge the
bank something.

As others have said, the banks do not always pass that fee along to the
customer. In many cases they only waive the fee in "premium" accounts, but
these don't necessarily require minimum balances in the $10k - $20k range.
For example, Wachovia has an account with free Quicken downloads and bill-
paying that requires an average daily balance of $1500. There may well be
better deals than that. It's worth shopping around.

Z Man

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Aug 10, 2004, 10:43:41 PM8/10/04
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"Blackwood" <non...@noisp.com> wrote in message
news:Xns9541E475...@207.69.154.205...

They Citibank rep specifically said that the fee is charged by Quicken.


Z Man

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Aug 10, 2004, 10:44:57 PM8/10/04
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"Han" <no...@nospam.invalid> wrote in message
news:Xns9541DD4FF...@130.81.64.196...

The Citibank rep told me that the $9.95/mo fee is payable regardless of how
much money you have on deposit. I pay no other fees because the aggregate
value of my accounts exceeds the minimum for no fee service, but this
evidently will NOT protect me against the Quicken fee.


R. Colin Hickey

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Aug 10, 2004, 10:57:02 PM8/10/04
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Interesting. I don't pay the fee because I have an Everything Counts
account and meet the minimums, but perhaps my account has been
grandfathered. A quick search on the Citi site under Everything Counts
made no reference to free Quicken downloads, so perhaps they have changed
their policy for accounts established after a certain date.

Colin


"Z Man" <z...@hotmail.com> wrote in message

news:JKfSc.37$js3....@news4.srv.hcvlny.cv.net...

Z Man

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Aug 10, 2004, 11:06:29 PM8/10/04
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"R. Colin Hickey" <chickeyDOTcom@attDOTnet> wrote in message
news:2WfSc.278$JE5...@nwrdny02.gnilink.net...

> Interesting. I don't pay the fee because I have an Everything Counts
> account and meet the minimums, but perhaps my account has been
> grandfathered. A quick search on the Citi site under Everything Counts
> made no reference to free Quicken downloads, so perhaps they have changed
> their policy for accounts established after a certain date.

I thought I would be forced to download direct because QIF is no longer
available (I prefer to download to Excel then export in QIF format).
However, someone posted a suggestion that the QIF be downloaded to a Cash
Account (they still accept QIF) then the data could be cut/pasted to my
checking account. That will get me through this year. It appears that QIF
will be completely eliminated in Quicken 2006.


John Pollard

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Aug 10, 2004, 11:23:56 PM8/10/04
to
Z Man wrote:

> I thought I would be forced to download direct because QIF is
> no longer available (I prefer to download to Excel then export
> in QIF format). However, someone posted a suggestion that the
> QIF be downloaded to a Cash Account (they still accept QIF)
> then the data could be cut/pasted to my checking account. That
> will get me through this year. It appears that QIF will be
> completely eliminated in Quicken 2006.

The "What's New" for Q2005 suggests that Q2005 users may be able
to select all those transactions in the "Cash Account" and
copy/paste them with one copy and one paste.

--
John Pollard
First Last at Bellsouth dot net
Please reply to newsgroup


Blackwood

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Aug 10, 2004, 11:33:54 PM8/10/04
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"Z Man" <z...@hotmail.com> wrote in
news:xJfSc.33$js3....@news4.srv.hcvlny.cv.net:

> "Blackwood" <non...@noisp.com> wrote in message
> news:Xns9541E475...@207.69.154.205...

>> He did, but he may have meant that the fee is paid to Citibank and
> Citibank
>> is just stating that they in turn pay that amount to Intuit. There's
>> no
> way
>> to know if they're telling the truth, but I suspect Intuit does
>> charge the bank something.
>>
>> As others have said, the banks do not always pass that fee along to
>> the customer. In many cases they only waive the fee in "premium"
>> accounts, but these don't necessarily require minimum balances in the
>> $10k - $20k range. For example, Wachovia has an account with free
>> Quicken downloads and bill- paying that requires an average daily
>> balance of $1500. There may well be better deals than that. It's
>> worth shopping around.
>
> They Citibank rep specifically said that the fee is charged by
> Quicken.

But do you mail a check to Intuit, or does the bank deduct the fee from
your account? I can certainly tell you that there are banks that allow
Quicken downloading and billpay without any fee.

JL

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Aug 11, 2004, 12:08:37 AM8/11/04
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> The Citibank rep told me that the $9.95/mo fee is payable regardless of
> how much money you have on deposit. I pay no other fees because the
> aggregate value of my accounts exceeds the minimum for no fee service, but
> this evidently will NOT protect me against the Quicken fee.

Bank One does not have any Quicken fees (or account fees) with a Value One
checking account and minimum daily balance of $250 or higher.

Note that Bank One was just purchased by Chase and will probably be changing
their fee structure.

Also, they nail you for $1.50 if you use an out of network ATM, in addition
to what the other bank charges (use Bank Two's ATM to withdraw funds and
Bank One will charge you $1.50 on top of the $1.75 Bank Two is probably
charging). Not really germane, but it makes my blood boil.

The Michael

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Aug 11, 2004, 2:52:19 AM8/11/04
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On Tue, 10 Aug 2004 23:08:37 -0500, JL <no...@none.com> wrote:

>Bank One does not have any Quicken fees (or account fees) with a Value One
>checking account and minimum daily balance of $250 or higher.
>
>Note that Bank One was just purchased by Chase and will probably be changing
>their fee structure.

I use both Bank One and NationalCity bank's free direct bill pay. I have a $0 min
balance at NC. I believe there are quite a few banks that offer this free (and
direct) now days
--
Mike

RWEmerson

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Aug 11, 2004, 6:01:12 AM8/11/04
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"Z Man" <z...@hotmail.com> wrote in message
news:G%dSc.55881$zc4.24...@news4.srv.hcvlny.cv.net...

> I just called Citibank online support to set up direct download of my
> checking transactions into Quicken. The Citibank rep informed me that I
> would be charged $9.95 per month for this privilege. I was further told
that
> this fee is charged by Quicken, NOT by Citibank.
[SNIP]

and I wonder how this item is related...

http://www.intuit.com/personal/quicken/qif/qif_faqs.html#faq7

"Q: Will my Financial Institution charge fees for OFX download?
A: Financial Institutions determine what - if any - fees will be charged for
download into Quicken via OFX. Contact your Financial Institution and ask
them if they charge fees for download into Quicken. When you call, be sure
to explain that you want to download into Quicken and would like to
understand if there are any costs for doing so."


Han

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Aug 11, 2004, 7:06:27 AM8/11/04
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"RWEmerson" <foolishco...@hobgoblin.com> wrote in
news:10hjrj9...@corp.supernews.com:

> and I wonder how this item is related...
>
> http://www.intuit.com/personal/quicken/qif/qif_faqs.html#faq7
>
> "Q: Will my Financial Institution charge fees for OFX download?
> A: Financial Institutions determine what - if any - fees will be
> charged for download into Quicken via OFX. Contact your Financial
> Institution and ask them if they charge fees for download into
> Quicken. When you call, be sure to explain that you want to download
> into Quicken and would like to understand if there are any costs for
> doing so."
>
>

When I had the fee charged to me, it was a $9.95 monthly fee that Citibank
charged for using Quicken, because they were charged by Intuit. I asked
and received a refund for the past 3 monthly fees charged when I switched
to the "everything counts" account. It was an easy choice since then I
had a mortgage with Citibank, easily exceeding the total balance towards
the minimum balance.

The "everything counts" account is something you have to ask for, and I
had to call an 800 number that connected me to Chicago from the NY/NJ area
in order to set it up. The local Citibank serf couldn't help me, until I
insisted that he look up the "everything counts" account.

Marc

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Aug 11, 2004, 7:53:14 AM8/11/04
to
Other banks out there with free stuff and low or no min bal.

I use Compass Bank and Netbank.com. Both have free quicken and
Netbank has free bill pay.

"Z Man" <z...@hotmail.com> wrote in message

news:JKfSc.37$js3....@news4.srv.hcvlny.cv.net...

dont-bother

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Aug 11, 2004, 10:10:20 PM8/11/04
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>>this fee is charged by Quicken, NOT by Citibank.
>
> [SNIP]
>
> and I wonder how this item is related...
>
> http://www.intuit.com/personal/quicken/qif/qif_faqs.html#faq7
>
> "Q: Will my Financial Institution charge fees for OFX download?
> A: Financial Institutions determine what - if any - fees will be charged for
> download into Quicken via OFX. Contact your Financial Institution and ask
> them if they charge fees for download into Quicken. When you call, be sure
> to explain that you want to download into Quicken and would like to
> understand if there are any costs for doing so."

How is it related? It's marketing spin. Intuit is sticking it to
institutions, via licensing fees, for using their proprietary format.
Then, they coyly state that it's the "Financial Institution" who charges
you for the convenience; as if they expect my bank to suck it up and eat
the cost.

The Michael

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Aug 12, 2004, 12:14:10 AM8/12/04
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On Wed, 11 Aug 2004 22:10:20 -0400, dont-bother <ca...@spam.me> wrote:
>How is it related? It's marketing spin. Intuit is sticking it to
>institutions, via licensing fees, for using their proprietary format.
>Then, they coyly state that it's the "Financial Institution" who charges
>you for the convenience; as if they expect my bank to suck it up and eat
>the cost.

My banks do eat the cost.
--
Mike

Marc Auslander

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Aug 12, 2004, 9:08:42 PM8/12/04
to
I don't understand - I thought the new download format was an industry
standard. I though the now abandoned QIF was the proprietary format.

dont-bother <ca...@spam.me> writes:

>
> How is it related? It's marketing spin. Intuit is sticking it to
> institutions, via licensing fees, for using their proprietary format.
> Then, they coyly state that it's the "Financial Institution" who charges
> you for the convenience; as if they expect my bank to suck it up and eat
> the cost.

--

John Pollard

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Aug 12, 2004, 10:21:15 PM8/12/04
to
Marc Auslander wrote:

> dont-bother <ca...@spam.me> writes:

> > How is it related? It's marketing spin. Intuit is sticking
> > it to institutions, via licensing fees, for using their
> > proprietary format. Then, they coyly state that it's the
> > "Financial Institution" who charges you for the convenience;
> > as if they expect my bank to suck it up and eat the cost.

> I don't understand - I thought the new download format was an
> industry standard. I though the now abandoned QIF was the
> proprietary format.

Neither QIF nor OFX are proprietary formats. And Intuit isn't
"sticking it" to anyone. The person you are responding to is
just letting off steam.

John Pollard

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Aug 12, 2004, 10:40:19 PM8/12/04
to
Z Man wrote:
> I thought I would be forced to download direct because QIF is
> no longer available (I prefer to download to Excel then export
> in QIF format). However, someone posted a suggestion that the
> QIF be downloaded to a Cash Account (they still accept QIF)
> then the data could be cut/pasted to my checking account. That
> will get me through this year.

> It appears that QIF will be
> completely eliminated in Quicken 2006.

And I should have mentioned before that my reading of Intuit's
plans is that the only difference between Q2005 and Q2006 in
their QIF import capabilities is that while Q2005 can import QIF
files to credit card accounts, Q2006 will *not* permit importing
QIF files to credit card accounts. That is: you should still be
able to import QIF files to Cash Accounts in Q2006 ... unless
Intuit changes their mind and decides that this tricky
workaround is interfering with their plans.

John Pollard

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Aug 12, 2004, 10:40:41 PM8/12/04
to
Z Man wrote:
> I thought I would be forced to download direct because QIF is
> no longer available (I prefer to download to Excel then export
> in QIF format). However, someone posted a suggestion that the
> QIF be downloaded to a Cash Account (they still accept QIF)
> then the data could be cut/pasted to my checking account. That
> will get me through this year.

> It appears that QIF will be
> completely eliminated in Quicken 2006.

And I should have mentioned before that my reading of Intuit's

Mike B

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Aug 13, 2004, 5:59:11 AM8/13/04
to

"John Pollard" <inv...@invalid.com> wrote in message
news:2o2msfF...@uni-berlin.de...

>
> Neither QIF nor OFX are proprietary formats. And Intuit isn't
> "sticking it" to anyone. The person you are responding to is
> just letting off steam.
> .

And from my reading, neither are Citibank. If one looks closely at the
details, then Citi is listed twice, with different 800 numbers, once for web
connect and once for direct connect. That would imply to me that the
downloadable web connect may be free, but that the direct connect may be
chargeable? I saw that with two institutions on Intuit's list of supported
FIs.

Mike B


John Pollard

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Aug 13, 2004, 9:53:50 AM8/13/04
to
Mike B wrote:
>
> And from my reading, neither are Citibank. If one looks
closely
> at the details, then Citi is listed twice, with different 800
> numbers, once for web connect and once for direct connect.
That
> would imply to me that the downloadable web connect may be
> free, but that the direct connect may be chargeable? I saw
that
> with two institutions on Intuit's list of supported FIs.

B of A (in Florida at least, though I think elsewhere as well)
is the same: regular customers get web-connect for free; upgrade
to an "Advantage" account (maintain higher balances), and you
get direct downloads for "free".

Mark

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Aug 13, 2004, 2:23:49 PM8/13/04
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"Mike B" <mrcics2000-...@nomail.yahoo.com> wrote in message news:<411c9...@news1.prserv.net>...

>
> And from my reading, neither are Citibank. If one looks closely at the
> details, then Citi is listed twice, with different 800 numbers, once for web
> connect and once for direct connect. That would imply to me that the
> downloadable web connect may be free, but that the direct connect may be
> chargeable? I saw that with two institutions on Intuit's list of supported
> FIs.
>

> Mike B

I am glad I stumbled upon this thread. I have been using citibank web
connect for years with Quicken (worked great until they had an issue
with there last upgrade a week or so ago - there is another thread
about this). I didn't realize Citibank had a direct connect option.
I called today and the Everything Counts package that I was already
enrolled in allows me to have Direct Connect for no additional charge.
Woo hoo!

Of course it takes a snail mail application to be sent to me, which I
am to mail back to citibank, they send it to quicken, quicken sends me
(again in the mail) an ID and then I will be good to go. Funny that
signing up for an online service is going to take so much paper mail
when signing up for citibank online takes 30 seconds on the web.

- Mark Homer

Sparky

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Aug 13, 2004, 8:50:12 PM8/13/04
to
Marc Auslander wrote:

Are we talking credit cards here or something else? I have a Citibank
VISA card and pay nothing to d/l transactions from the Citibank site
(been doing that for several years now).

John Pollard

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Aug 13, 2004, 9:47:44 PM8/13/04
to
Sparky wrote:

> Are we talking credit cards here or something else? I have a
> Citibank VISA card and pay nothing to d/l transactions from
the
> Citibank site (been doing that for several years now).

From Intuit (please read *carefully*).

Welcome to the QIF Data Import Resource Center. This site will
provide comprehensive information about important changes to QIF
Data Import in Quicken 2005 and 2006 for Windows. Quicken
customers who download transactions from Financial Institution
Web sites via the QIF file format will find all the information
they need to understand the changes taking place.

What is happening to QIF Data Import?

Beginning with Quicken 2005 for Windows, QIF Data Import will no
longer be available for most accounts. To learn more about which
accounts will be affected please click here.

We are implementing the changes to QIF Data Import in three
phases.

We started by notifying customers of the upcoming changes in
Quicken 2004 for Windows. We also put messaging on the
Quicken.com and Intuit.com websites.

In phase two, with the release of Quicken 2005 for Windows, QIF
Data Import will no longer be available for checking, savings,
401(k) and all other brokerage accounts.

The final phase will happen with the release of Quicken 2006 for
Windows where QIF Data Import will no longer be available for
Credit Card accounts. We are using this phased approach to make
the transition as smooth as possible for our customers and
Financial Institution alliances.

Does this change to the QIF Data Import functionality affect
Quicken 2004 for Windows and earlier?

No, there will be no change to the QIF Data Import functionality
for users on Quicken 2004 for Windows and earlier. Quicken for
Mac customers also will not be affected by this change at this
time.

Why will QIF Data Import not be available for certain accounts?

QIF technology is over 10 years old and was designed for
technical support purposes, it was not for transaction download.
QIF Data Import requires many steps to download, is a poor
customer experience and can lead to duplicate transactions and
errors. Intuit wants to provide customers with the best possible
download experience available as well as support the ongoing
industry transition to OFX (Open Financial Exchange). OFX is the
industry standard for transaction downloads and offers easier,
quicker setup. OFX was introduced in 1997 and first supported by
Quicken in Quicken 98.

Why OFX?

OFX offers customers an easier, faster and more accurate
download experience. Many banks, credit card, brokerage and
401(k) companies support OFX and now connect to Quicken for
automatic data downloads.* Click here to see if your Financial
Institution supports download into Quicken.

In Quicken 2004, we introduced Express Setup which was built on
an OFX foundation and revolutionized the way accounts are setup
and downloaded in Quicken. Customers now get the power of
financial software with the ease of log-in in to their financial
institution Web site. Once Quicken is installed, all a customer
has to do to get started is enter the name of their Financial
Institution, Customer ID and PIN. Quicken then goes online to
set up the accounts and downloads recent transactions. The
opening balance automatically matches the current online balance
at the financial institution and thanks to auto-categorization,
you receive immediate insight into your spending without doing
any work. Learn more about the benefits of direct download.

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