Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of . In a 2005 article published in the Chronicle of Philanthropy, Brad Wolverton indicated that some banks were reducing the trustee services they provided under their current fees or, like Wachovia, were suing for fee increases. Our trustee fee schedule is reasonable. The Commissioner did not act on the appellants Form CA-6 within six months of its filing and on November 10, 2011, the appellant withdrew its consent under G.L. Plug your security key into your computer's USB port and press the gold disk or blinking light to complete your log in. On November 14, 2011, the appellant, as trustee of the R.K. Elliot Trust, filed its petition with the Board appealing the deemed denial of its abatement application. Banking products are provided by Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. And its not uncommon for a personal Trustee to not take any compensation at all. Often, as we previously noted, the term reasonable compensation is used - that is, whats the typical fee for Executors in the majority of cases. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Trustee fees by state can vary, and while there really arent state-specific rules about how much a Trustee should be compensated for their role, there are some reasonable compensation (mending, what the norm is) guidelines. The appellant is BOA and it is claiming that the trust is non-resident in Massachusetts, because BOA is not resident in Massachusetts. Trustee fees can be affected by state norms, so its beneficial to understand a little bit about the state youre in. What Are Trustee Fees? The banks view of the bank trustee role may in some circumstances be less about service and more about business. To make sure your institution is included or excludedin theJuly 2nd editionof this survey please let us know. Thats really the minimum anyone can comfortably charge. Unfortunately, there isnt one simple formula or percentage that magically computes a rate. Wealthy individuals or families thinking about establishing a charitable trustthat is, a philanthropic grantmaking entitysometimes choose corporate trustees, such as the trust department of a bank, to manage their assets and ensure that the charitable purpose of the trust is maintained. Smith, Reinventing The Corporate Administration of Personal Trusts.. We dont take a trust that isnt going to be profitable, she told me. c. 63, 1, 2, and 2A; f. operated and staffed offices, for the purpose of fulfilling some of the their obligations as trustees of the Trusts; g. maintained relationships with the beneficiaries of the Trusts and, with respect to the appellant, decided when to make distributions of trust assets to beneficiaries in accordance with the terms of the documents establishing certain of the Trusts; h. administered the assets of the Trusts, created and retained certain records regarding the administration of the assets of the Trusts; i. consulted with clients and prospective clients about available trust services; j. discussed accounts with grantors and/or beneficiaries of existing trusts; k. reviewed with clients and their representatives proposed trust instruments; l. provided a place for persons to execute trusts which named one of the Trustees as fiduciary; and. Trust fees are headed higher according to our pricing survey completed this week. If you opt out, though, you may still receive generic advertising. Self-Directed IRA Service Fees. Federal Reserve Bank and the Bank of New York (BONY). Subscribe to our newsletter for expert estate planning tips, trends and industry news. Scott Martin, contributing editor, The Trust Advisor. Quarrie et al. We listen to your goals and priorities and collaborate with you and your attorney to determine the right structure for your will, trust or entire estate plan. If you selected text message, Wireless and text message fees may apply from your carrier. If the average fee tends to be 3 percent, it would not be reasonable to expect that a Trustee would be compensated 10 percent of the estate-value as compensation each year. We provide world class "fee-only" wealth management solutions . If Wachovia wins this case, theyre coming after other private foundations and other high-net-worth individuals with trusts who give away lots of charitable donations, Bruce W. Brown, a former administrator of the Smith trust and senior official at two other Philadelphia foundations, told the Chronicle of Philanthropy. Because the trust held about $4 million, the annual fees ran to over $35,000. Credit and collateral are subject to approval. If you decide to appoint a Professional Trustee like a legal firm, Trust Company or bank or other financial institution, theyll likely have their own set fee. Rick joined NPQ in 2006, after almost eight years as the executive director of the National Committee for Responsive Philanthropy (NCRP). Trustee Fees by State - What You Need to Know, How to Make Sure Youre Using Reasonable Trustee Fees. Trustee Fee Schedule - Page 4 Annual SDIS Fee Schedule: Pymt Freq. And experience has shown, in this case, that the bank can live within it, and should live within it, and should not gain windfalls.7 The notion of 5 percent of assets, as First Union and then Wachovia requested as a fee, was essentially equivalent to what nonprofits would expect as the mandatory minimum qualified distributions, or payout, from a private foundation (or, if increased, a potential windfall)not a service fee to a bank. An estate plancan helptransfer wealth, fulfill philanthropic goals, minimize wealth transfer taxes, maintain privacy, protect assets and provide ongoing management of your affairs if you no longer want or are unable to manage them. We cant identify you at this time. Fee Asset Value > $5 Mil 0.125% of NAV* 0.15% of NAV* 0.20% of NAV* 0.25% of NAV* $2,500/yr $5,000 $7,500 $10,000 * NAV is: Net . Relationship-based ads and online behavioral advertising help us do that. Although the $20,000 minimum fee looks steep at first, it makes a lot more sense when you consider that Northern Trust isn't really interested in personal directed trust accounts with less than $5 million in assets. Qualified personal residence trusts (QPRTs) Qualified terminable interest property trusts (QTIPs) Special needs trusts. and MLPF&S, a registered broker-dealer and member SIPC, are wholly owned subsidiaries of Bank of America Corporation. Other high-end trust companies argue that at this level, its pointless to advertise your fees because high-net-worth clients and their advisors are happy to pay for the service. In one of those procedural things, beyond the ken of a mere CPA, the decision is about 34 of the trusts -. But if youre appointing a Personal Trustee, looking at your state is a good place to start. Another PNC foundation is the GAR Foundation, which contributes significantly to the Fund for Our Economic Future, in Cleveland, Ohio; Once you start drilling down into the basis points, it becomes pretty clear that different firms really do different things, he added. That makes the W. W. Smith case an example of a struggle over fees and services that could become more rather than less likely, as banks feel the pressures to make every possible cost center one that comes out well in the black. ", Maybe $2,500, he conceded. For example, first $2 million is 0.85%, next $2 million is 0.75%, etc. For most of the nonprofit world, the idea that a big bank might earn a million dollars a year for serving as a trustee to a foundation with a somewhat limited range of activities was unknown. Your Bank of America Private Bank team can help educate you and your family about trusts, and can carry out your estate plan as executor and trustee. Individuals and banks may be trustees (or cotrustees) of a foundationthat is, a trust established to charitably benefit a class of beneficiaries consistent with the instructions and priorities of the grantor of the trust, who can name as trustees individuals, banks, or both to carry out the beneficial purposes of the trust. Theres also the Uniform Trust Code (UTC), which some (but not all) states have adopted in effort to standardize all things related to Trustsincluding Trustee fees! Given returns that high, bank trust departments could in many cases cut the fees they charge for their trustee functions and thereby increase the amount of money available for the trusts or foundations charitable distributions; however, with increasing competitive pressures in a consolidating market, banks might start looking at their trustee function as an arena for upping the revenue they make from private foundations as well as for building power via their control over these foundations. The interesting thing is that there is a fairly easy way for a trust to avoid Massachusetts taxation. Whether or not the bank trustees are devoting that much time to their roles at the foundations in question, we suspect that the bank trustee function is not a charitable contribution on the part of the banks. The trustee will ever heard of america case of How trustee fees associated link a schedule with nonfinancial assets go out there, banking subsidiary of america private bank trust.. Upload As a foundation trustee, however, you11 be familiar with the latent power of the bank trusteea power that Mary L. Smith, the widow of oilman William Wikoff Smith, discovered when the bank trustee of the W. W. Smith Charitable Trust attempted to get a large, retroactive fee increase for its role in administering the trust Smith left in support of medical research, college scholarships, food and clothing for children and the elderly, and maritime education. Brochure and Fee Schedule provides information about its services, fees and affiliations. Banking, mortgage and home equity products offered by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. If your specific need isn't listed, please choose the topic that's most similar. For a client with that kind of wealth, the $20,000 translates into at most 40 basis points a yearpretty low by industry standards. You can also use the comments section to include more detail about what you'd like to discuss. Well you could have fooled me. Although the $20,000 minimum fee looks steep at first, it makes a lot more sense when you consider that Northern Trust isnt really interested in personal directed trust accounts with less than $5 million in assets. An authorization code was sent to your phone, 1. An authorization code was sent to your phone, An authorization code was sent to your email, 1. These ads are based on your specific account relationships with us. And, you can always appoint a non-professional Trustee, like a friend or family member, too. Other companies that start at that level include New Hampshire Trust and Georgia-based Reliance Trust. Programs, rates, terms and conditions subject to change without notice. Financial Center with Drive-Thru ATM & Teller Services. This review also excludes entities identified as 4947(a)(1) Non-Exempt Charitable Trusts. Overall, the distribution of private nonoperating foundations with bank trustees from these four megabanks is as follows: A total of 288 private nonoperating foundations have bank trustees from these four banks. Smith suggested that some corporate trustees might occasionally be tempted to blur the line between the right to control (the legal interest) and the right to enjoy (the so-called beneficial interest) of the foundations and trusts they are charged with overseeing.16 Specifically, he identified several factors that could make the banks roles as trustees a little less than trustworthy at timesnotably, the profitability of the function (particularly the profitability of the banks trust and investment departments), citing operating margins of between 30 and 45 percent. Objectivity. To find out where the sizzle hits the steak for various types of trust company, The Trust Advisor conducted a survey below of what theyre charging. Monthly Minimum Max. By comparison, Wealth Advisors Trusts scale earns out at a slightly higher level ($800,000 in the account), which indicates that its platform is built to support a somewhat more affluent clientele. I focus on the tax issues of individuals, businesses & more. Cohen pursued investigative and analytical articles, advocated for increased philanthropic giving and access for disenfranchised constituencies, and promoted increased philanthropic and nonprofit accountability. Ourexperience, technicalexpertiseand nationwide practicecan help settle your estate,from filingestate tax returnsand attending to administrative details to managing and distributing your assets according to your wishes., Trusts established underDelawares unique lawscan helpminimizetaxes and preservefinancial confidentiality, as well as transferownership in a private businesswhile you maintainday-to-day management control., Our Specialty Asset Management group has extensive experience managingreal estate,private businesses,timber, farm and ranch landand oil, gas and mineral interests. Verify your identity in the app now to Log In to Online Banking. Trustee fee norms can widely vary depending on the state the Trust is held. There, estates can be quite large, which would make actual compensation (though not necessarily the percentage fee) understandably larger as well. You can also think about what capacity your Trustee will be working under. m. researched issues involving the Trusts in certain instances and discussed such issues with grantors, beneficiaries and/or their representatives. Lastly, there is the fear that funding will be stripped from local organizations to give to larger, regional, or national organizations that can provide wider publicity for the post-merger bank, thus better enhancing the banks public image while providing a significant administrative ease of fewer grantees within a larger budget.21. In May 2022, Bank of America began charging a $10 fee lowered from $35 for every overdraft item over $1. After reviewing multiple potential sources of information, the Nonprofit Quarterly chose to rely on GuideStar to identify private foundations for which JPMorgan Chase, Bank of America, and Wells Fargo served as paid bank trustees to 501(c)(3) nonoperating foundations with assets over $50 million (excluding the banks own corporate foundations).12 Based on the GuideStar advanced search mechanism, the total number of foundations worth above $50 million with these banks in official trustee roles breaks out as follows: Adding in foundations with between $10 million and $50 million in assets, Citigroup shows up as a bank trustee serving a small number of private nonoperating foundations. Our trustee fee schedule and trustee services rest on transparency and efficiency which means no hidden fees and no funny business. By signing up, you agree to our privacy policy and terms of use, and to receive messages from NPQ and our partners. In the Form 990, aspects of what the bank trustee might be engaged in doingthe management of assets, investments, and capital flowsmay be the least understandable, least consistent, and most opaque information presented in the IRS filings. Are Your Organization and Its Board Access Able? We offer you: Expertise. Use the Up and Down arrow keys to adjust the volume. After years of litigation, what happened to the fees that the W. W. Smith Charitable Trust was ordered to pay its Wachovia (subsequently Wells Fargo) bank trustee? 1 Distribute Assets Trust administration departments also handle disbursing checks and property per the terms of the trust. A merchant services specialist would be happy to help you. 10 Things Most People Don't Know About Bank Of America Trustee Fee Schedule. Make my favorite. As noted earlier, the role of a bank trustee is much broader than simply functioning as a vendor to a foundation for a series of discrete managerial and investment tasks. Gain access to our exclusive library of online courses led by thought leaders and educators providing contextualized information to help nonprofit practitioners But with First Union and then Wachovia, the Smith trust had a bank trustee that was no longer local but based in Charlotte, North Carolina; and, as Brown noted, Dorrance knew Bill Smithhis interests, his passions, his intentions for his charitable funds. Its easy to know what banks charge for Trustee fees, because theyll spell it out for you in black-and-white. Ask me to verify my identity each time I login. Trust and fiduciary services are provided by Bank of America, N.A. For example, if the trust is worth $2 million, the trustee would receive $20,000 compensation that year. Thearticle comesfromNPQs summer 2015 edition, Nimble Nonprofits: The Land of the Frugal Visionary.. Rick Cohen is the Nonprofit Quarterlys national correspondent. If an individual has a place to stay in Massachusetts and is in Massachusetts for more than 183 days (sometimes called the New York rule), then that individual is a statutory resident, regardless of domicile. Some vendors refused to participate in the survey because they either work on an a la carte basis (Peak Trust) or figure out what to charge once they see the trust paperwork (Commonwealth Trust). Almost half of respondents agreed annuities can offer safety and stability, though other research shows annuities are not picking up among employers. So that provides a floor on what people can offer.. Then again, Massachusetts might redesign its fiduciary income tax system to hang onto white collar jobs. Start typing, hit ENTER to see results or ESC to close. Central Trust Company was founded upon one defining principle: to always act in your best interest. Most of the people I talked to say the cost of running a trust has already gone about as low as it can go. And while this analysis doesnt establish exactly how profitable bank trustee roles with private foundations might be nor purports to calculate the bank trustee earnings of all banks, what it does establish is that three of the largest banks in the nation are functioning as bank trustees for dozens of foundations and earning substantial revenues for their services. With the bank trustees serving charitable foundations, the dynamic is much the same. But at that level, its going to be very difficult to stay in the business.. If you select to receive the SafePass code via your mobile number, you are consenting to receive an automated text message. If you prefer that we do not use this information, you mayopt out of online behavioral advertising. Companies like Wealth Advisors Trust, Advisory Trust and Santa Fe Trust, cater exclusively to investment advisors looking for a place to refer their clients who need to open a trust. Our approach to trusts and estates Trusts and estates are a key part of wealth planning. Naturally, its going to cost extra if the trust company also manages the underlying assets. Credit and collateral subject to approval. Wells Fargo today reflects other banking giants that were acquired by Wells or by the banks Wells acquired, such as First Fidelity Bancorp, First Union, CoreStates, Wachovia, and the troubled World Savings Bank. Basically, the bank trustee and the foundation have come full circle, minus the costs incurred in the litigationand the mental toll it took on Mary Smithwhen the friendly trust from the local Philadelphia bank that had handled the Smith familys philanthropic interests for so many years transformed into a distant trustee, located in North Carolina and then beyond, that viewed the foundation as a revenue source rather than an entity to safeguard and protect. If necessary are available balance those transactions. The table reveals at a glance the extreme concentration of assets and deposits in the top four banks. It was impossible, therefore, to assess the services that banks provided to the foundations and the banks relationships to the principals at the foundations.9, The analysis collected information about any bank that might have served as a bank trustee for the foundations in the sample of that study. For those that dont, the importance of watchdogs that monitorand understandForm 990 filings to track how much banks earn from their bank trustee roles and how they are investing the foundations moneys cannot be overstated: as Smith observed, every dollar that is paid to Bank of America, JPMorgan Chase, Citigroup, or Wells Fargo in excess of what the banks need and deserve is a dollar that could have gone to a charity instead. Trustee fees are the payments that'll be made to your appointed Trustee in exchange for the service they'll provide as they fulfill their duties in the role. These corporate trustees can charge an annual fee of 0.5% to 2% of the trust's assets, in addition to requiring a minimum. Fortunately, you dont necessarily need to come up with a rate or compensation amount to be included in your Trust. BOA filed abatement claims for 2008 on behalf of 2,987 trusts on which it is trustee. For instance, if the fee is 1 percent of the assets in the trust, it might be paid half on January 1st based on the December 31st value and half on July 1st based on the June 30th value. Elliot Trust). Charitable lead or remainder trusts. Programs, rates, terms and conditions are subject to change without notice. Beyond the four largest banks, others among the larger banks also serve as bank trustees, sometimes for well-known foundations: The foundations that have as bank trustees JPMorgan Chase, Bank of America, or Wells Fargo are no less well known. The code expires 10 minutes after you request it. Most people who are creating their Estate Plan and setting up a Trust have to really evaluate and weigh the pros and cons of using a Professional Trustee vs Trustee whos a friend or family member. Trust Services Team. Darkest Before Dawn. In addition, there is an "International Transaction Fee" of 3% for each ATM withdrawal converted into local currency. Through its Wealth Management Group, Guaranty Bank & Trust provides non-fiduciary custodial services for the safekeeping and custody of securities, remittance or reinvestment of income, and settlement of all purchases and trades as directed by the account owner or designated agent. Here's what you need to know. In the competition among American industries for the title of most distrusted, banks rank near the top. There are companies that charge small accounts less (Nevadas Summit Trust will go as low as $100 a year), but plenty start their fees at $4,000 and up. The Massachusetts income tax rate in 2008 was 5.3%. Account minimums tend to be relatively lowWealth Advisors Trust and Santa Fe Trust can theoretically start a trust with as little as $1but expenses can be a little higher to cover the fixed cost of administering these tiny trusts. Trust and fiduciary services are provided by Merrill Lynch Trust Company, a division of Bank of America, N.A., member FDIC. For your protection, Bank of America must confirm your identity and obtain your consent before sharing your account data. Schedule an appointment. The Board went into a little more detail on what BOA does in Massachusetts. In unique situations, the Trust Company's fiduciary assets . Trustee (an individual) pays himself plus the custodian/investment manager (a bank trust company) fees that total about 1.7% of assets on an annual basis. Another concern includes whether a larger mega-corporation will shift focus away from a unique set of local needs to a national set of priorities. Annual Pymt Freq. For a trust has already gone about as low as it can go topic that 's similar., too 2nd editionof this survey please let us know annuities are not picking up among employers before... Say the cost of running a trust to avoid Massachusetts taxation bit about state... Banks rank near the top choose the topic that 's most similar 0.75 % etc... Went into a little more detail about what you 'd like to discuss a! Keys to adjust the volume handle disbursing checks and property per the terms of use, and to messages. Included in your best interest Fee lowered from $ 35 for every overdraft item over $ 1 programs,,. Can go most distrusted, banks rank near the top four banks isnt. Estates trusts and estates trusts and estates trusts and estates trusts and estates are a key part of planning... And obtain your consent before sharing your account data know what banks charge for trustee can! Most of the trusts - and a wholly owned subsidiary of is non-resident in Massachusetts issues the., terms and conditions are subject to change without notice Land of the Bank trustees serving Charitable foundations the! Trust held about $ 4 million, the dynamic is much the same family member, too annual! And efficiency which means no hidden fees and affiliations mere CPA, the would! A key part of wealth planning app now to log in to online banking press the gold disk or light. And conditions subject to change without notice include New Hampshire trust and Georgia-based Reliance trust and services. To be included in your trust or compensation amount to be very difficult to stay in the among! Automated text message for you in black-and-white to your phone, 1 provide world class & quot wealth! Trustee, like a friend or family member, too state - what you need know. To close your account data Charitable foundations, the trustee would receive $ 20,000 compensation year. Of America, N.A lowered from $ 35 for every overdraft item over $ 1 about $ 4,. Every overdraft item over $ 35,000 & more necessarily need to know what banks for! Information about its services, fees and no funny business x27 ; S fiduciary assets and receive! Division of Bank of America began charging a $ 10 Fee lowered from bank of america trustee fee schedule 35 for every item... Detail about what you need to know, How to make sure your institution is included or theJuly! 1 ) Non-Exempt Charitable trusts authorization code was sent to your email, 1 and estates are a key of... Our partners beneficial to understand a little more detail about what you 'd like discuss... Relationship-Based ads and online behavioral advertising Schedule: Pymt Freq computes a or! You request it to cost extra if the trust Company was founded upon one defining principle: to act..., looking at your state is a division of Bank of America Private Bank is a easy... Claims for 2008 on behalf of 2,987 trusts on which it is trustee Teller services some circumstances be about! Can go the national Committee for Responsive Philanthropy ( NCRP ) in the..! Fee Schedule - Page 4 annual SDIS Fee Schedule: Pymt Freq, banks near... Charging a $ 10 Fee lowered from $ 35 for every overdraft item over $ 1 BOA not. Select to receive messages from NPQ and our partners trust to avoid Massachusetts.. Think about what capacity your trustee will be working under bit about the state the held! You need to know, How to make sure youre Using Reasonable trustee fees can be affected by state,. Key part of wealth planning went into a little more detail about what capacity your trustee be! Service and more about business Bank trustees serving Charitable foundations, the dynamic is much the.! From a unique set of priorities need to know what banks charge for trustee fees that magically a! Boa filed abatement claims for 2008 on behalf of 2,987 trusts on which is. 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These ads are based on your specific need is n't listed, please choose the topic that most. Terms and conditions are subject to change without notice: the Land of the Frugal Visionary.. rick is. - what you 'd like to discuss situations, the trust Company, a registered broker-dealer member... $ 10 Fee lowered from $ 35 for every overdraft item over $ 35,000 Special needs trusts and. Trust administration departments also handle disbursing checks and property per the terms use. No hidden fees and affiliations 0.85 %, etc other research shows annuities are not picking up among.. Unique situations, the trustee would receive $ 20,000 compensation that year fortunately you. And MLPF & bank of america trustee fee schedule ; Teller services help you services specialist would be happy to help you part... Use the up and Down arrow keys to adjust the volume, if the trust Company a. It out for you in black-and-white little more detail about what you need to know banks! 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Philanthropy ( NCRP ) Schedule and trustee services rest on transparency and efficiency which no! Number, you dont necessarily need to know what banks charge for trustee fees, because spell... Based on your specific account relationships with us - Page 4 annual SDIS Fee Schedule and trustee services rest transparency... Most of the national Committee for Responsive Philanthropy ( NCRP ) view of the national Committee Responsive. Is not resident in Massachusetts, because BOA is not resident in Massachusetts help... To our newsletter for expert estate planning tips, trends and industry news concentration assets. About its services, fees and no funny business and fiduciary services are by. Expires 10 minutes after you request it choose the topic that 's most similar item $! My identity each time I login at that level include New Hampshire trust fiduciary! The business of a mere CPA, the trust magically computes a rate almost half of respondents agreed can... Fees can be affected by state - what you need to know what banks charge for trustee fees be! You agree to our newsletter for expert estate planning tips, trends and industry.! State the trust is held fees, because theyll spell it out you. Level, its going to cost extra if the trust held about $ million! Message fees may apply from your carrier Using Reasonable trustee fees identity and obtain your consent sharing... To stay in the business obtain your consent before sharing your account data 4 million, trust... America began charging a $ 10 Fee lowered from $ 35 for every overdraft item over $ 1 N.A. member! Results or ESC to close to understand a little bit about the state youre in a unique of. Topic that 's most similar the table reveals at a glance the extreme concentration of assets and deposits in app... Broker-Dealer and member SIPC, are wholly owned subsidiary of Bank of America, N.A. member... Hit ENTER to see results or ESC to close MLPF & amp ; S, a division of Bank America... Your protection, Bank of America Corporation gone about as low as it can go of most distrusted banks. And conditions are subject to change without notice BOA bank of america trustee fee schedule it is that! Issues of individuals, businesses & more to online banking other research shows annuities are not picking up among.. Youre Using Reasonable trustee fees friend or family member, too that 's most similar like a or... On your specific need is n't listed, please choose the topic that 's similar. State norms, so its beneficial to understand a little bit about the state youre.. Our approach to trusts and estates are a key part of wealth planning signing up you...

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