Financial Wellness Loans

Tips for Handling Debt

Whether your hours have been reduced or you’ve been laid off due to the coronavirus pandemic, your bills are probably piling up. While this can be stressful and scary, the worst thing you can do is hope it all goes away and do nothing.

Contact Your Lenders

The first step you should take is to be proactive and reach out to your various lenders. Missing payments can severely damage your credit. Letting your creditors know about your situation can only help.

Credit card companies and lenders can offer many options to help you such as waiving certain ATM, overpayments and late fees. They might also allow you to delay, adjust or skip some payments. If you have an auto loan, you might be able to change the date of your payment, request a payment plan or ask for a payment extension.

When contacting your lenders, be ready to explain:

  • Your situation
  • How much you can afford to pay
  • When you’re likely to be able to restart regular payments
  • In the case of mortgages, be prepared to discuss your income, expenses and assets

Good news – If you have a student loan that is held by the federal government, your loan payments are postponed with no interest until September 30, 2020. The Consumer Financial Protection Bureau has more information about student loans here.

Credit Counseling

There’s more good news if you’re a WWFCU member. Our partner GreenPath Financial Wellness offers free debt management and budget counseling. Learn how GreenPath can help.

Not able to make your mortgage payment? The U.S. Department of Housing and Urban Development (HUD)-approved housing counselors can discuss options with you if you’re having trouble paying your mortgage loan or reverse mortgage loan. This may also include forbearance or a modified payment program.

Other Assistance

WWFCU is here to help its members. We’re offering several ways to help you make ends meet:

Reach out to a Member Service Representative if you need help or have any questions at (734)721-5700.

Debit Card Home Banking

WWFCU Coronavirus FAQs

As the coronavirus (COVID-19) situation continues to evolve, we want you to know that the safety and security of members and staff are our top priority. During these uncertain times, we’re committed to keeping you informed. Below is the latest information on our relief measures, drive-thru hours, digital banking options and answers to frequently asked questions.

WWFCU FAQs

Is WWFCU open? Yes, as of 5/26 WWFCU’s lobby and drive-thru are open regular business hours:

Lobby Hours

Monday – Wednesday: 9:30 a.m. to 5:00 p.m.
Thursday, Friday: 9:30 a.m. to 5:00 p.m.
Saturday: 9:00 a.m. to 1:00 p.m.

Drive-Thru Hours

Monday, Tuesday: 8:00 a.m. to 6:00 p.m.
Wednesday: 9:30 a.m. to 5:00 p.m.
Thursday, Friday: 8:00 a.m. to 6:00 p.m.
Saturday: 8:00 a.m. to 1:00 p.m.

Call Center Hours

Monday, Tuesday: 9:00 a.m. to 5:00 p.m.
Wednesday: 9:30 a.m. to 5:00 p.m.
Thursday, Friday: 9:00 a.m. to 6:00 p.m.
Saturday: 9:00 a.m. to 1:00 p.m

For critical credit union needs, you may make an appointment to meet with a Member Service Representative in our lobby (you must wear a mask). Call (734) 721-5700 to make an appointment.

What health precautions are you taking in the drive-thru and ATMs? In the lobby we’re asking for members to wear masks and to not wear hats and sunglasses. We are also limiting the number of members in the lobby to 10 to maintain social distancing.

For our drive-thru, we are constantly sanitizing our drive-thru canisters and ATMs throughout the day.

What are your cash withdrawal limits in the drive-thru?
•Shared branch guests (you belong to a different credit union) have a cash limit of $1,000 per day
•WWFCU members have a limit of $5,000 per day
When does my debit/ATM card daily withdrawal limit reset? We base the 24-hour withdrawal period from 6:00 p.m. till 6:00 p.m. the next day. On the weekends, it’s from 6:00 p.m. Friday to 6:00 p.m. Monday.
Are there limits to Point of Sale (POS) purchases? Signature-based purchases are limited to $1,500 per day. PIN-based purchases are limited to $1,000 per day.
What are your ATM cash withdrawal limits? If you’re using the Mastercard debit card, the limit is $1,000 per day, the ATM card is $500.
How can I make deposits? Deposits can be made in our lobby, drive-thru, ATMs and night drop box by the ATMs.
How can I make loan payments? You can make loan payments using our lobby, drive-thru, night drop box, online or by calling (734) 721-5700. Click here for details.
What transactions can I make using online or mobile banking? We have a list of all transactions available here.
How can I increase my credit card limit? In some cases, WWFCU will be able to raise your limit. Call (734) 721-5700  for assistance.
What relief measures are you taking for your members? WWFCU offers skip-a-payment for loans and credit cards and we’re implementing a special line of credit to help members. Click here for details.
Get more information about what we’re doing on our Coronavirus Information Central page.

 

 

Home Loans

5 Home Improvements You Shouldn’t Miss

If you’re a homeowner, chances are you have a “honey-do” list and a wish list of things you’d like to do around the house. Don’t wait until you’re trying to sell your home to make some improvements. Making home improvements sooner rather than later lets you enjoy your investment longer.

But where to start? If your list is long, we have the top five home improvements you should make to get the most bang for your homeowner’s buck.

  1. Painting Inside and/or Outside
    This will be the smallest investment you can make that has the biggest visual impact. Even if you’re not super handy, it’s pretty easy to paint the inside and/or outside of your home – and it only costs the price of a few gallons of paint and painting supplies. If you’re looking to pay someone to paint, expect to pay around $5,000-$6,000 for an average sized house.
  2. Updating the Siding
    Does your home still have aluminum siding? If so, it’s definitely time for a change! Vinyl siding lasts longer and is more visually appealing and usually more affordable. Builders also use a fiber cement siding that costs more but can give a higher quality look. You should pay around $10,000 for new vinyl siding.
  3. New Windows
    Replacing old windows is definitely a home improvement you want to do while you’re still living in the house. That way you can reap the savings on utility costs with new and less drafty windows. New windows also improve the look of your home – inside and out. Ten new windows should cost you at least $11,000.
  4. Replacing the Deck
    This is another improvement to make while you still have a few years left to live in your home. Nothing beats a new deck in the summer! Homebuyers are now conditioned to expect fancy decks when house hunting. Don’t disappoint them – build yourself a new deck! If you build it yourself, it should cost you $5,000 to $8,000 depending on the size and materials you use. Pay someone to build it and it’ll run you at least $10,000.
  5. Kitchen Update
    The kitchen is usually the heart of a home, so make sure yours if updated and functional. Homebuyers will scrutinize the appliances, counters and cupboards, so make sure they’re pretty new. This renovation is the most expensive on the list but can make or break how easy it is to sell your home. Expect to pay an average of $20,000.

The good news is WWFCU offers a home equity line of credit to make any of the above renovation dreams come true. Click here to learn more and apply today.

Financial Wellness Savings Youth Accounts

Money Lessons for Homebound Kids

If you’re stuck at home with your kids during the coronavirus outbreak, you’re probably grasping at ways to keep your young ones busy. We always think financial education should be a top priority no matter how old you are, but now may be the perfect time to teach your kids a thing or two about money.

  • Create a Piggy Bank – Your child may already have a piggy bank, but do they have one that’s homemade? Time to break out the clay or a jar with a lid and get them crafting. Once it’s made, work out a savings plan with them. Whether they already get an allowance, get paid for big chores or have some birthday money hidden away – it’s all fair game to put into their piggy bank. Help them commit to saving either a specific amount or percentage each month. You could also implement the three-jar savings plan. Learn more about it here.
  • Get an App – This is where you’ll definitely get their attention! There are tons of fun yet educational apps out there to help teach your kids about money. Here’s a list of fun apps for children of all ages. These apps are better for teens. But don’t just download it and forget it. Be sure to have your kids show you what they’re doing in the apps and have them explain what they’ve learned.
  • Make a Budget – Trips to the grocery store happen less frequency during the coronavirus, which probably means you’re having to budget your finances a bit more. Have your child help you with the grocery budget. Go to your grocery store’s app to find prices for the items you buy all the time or maybe have your child shop around online for the best prices. Have them price out your list, add it all up and give you a total for what it’ll cost. Or give them a dollar amount and have them put a list together of what you can afford to get within those budgetary parameters.

We hope these tips will help keep your kids busy when they’re homebound – as well as teach them a few valuable financial lessons. Don’t forget, you can always open up a Youth Savings Account for them here at WWFCU! Speak to a Member Service Representative for details at (734)721-5700.

Home Banking

Think Mobile and Online Banking First

WWFCU closed its lobby during this COVID-19 outbreak to protect its community and staff. We know this is an inconvenience for some of our members, so we wanted to outline all the transactions you can do on your laptop, PC or smartphone. Skip the drive-thru lines and use a little technology instead!

Online and Mobile Banking

From using your laptop, PC, phone or tablet, there are dozens of transactions you can perform using online or mobile banking or our mobile app.

Online Banking
  • Access account balances and history for any of your WWFCU accounts
  • Make one-time and recurring funds transfers
  • View statement and check images and downloads
  • Research transactions
  • Make loan payments
  • Get a loan payoff quote
  • Apply for Skip-a-loan payment
  • Apply for a loan
  • Transfer funds between WWFCU accounts
  • Pay a company, person or credit union/bank through Bill Pay
  • Set up e-alerts
  • Place and monitor stop payments (on checks only)
  • Make loan advances or draws
  • Transfer funds between financial institutions in Bill Pay
  • Download account information
  • Manage personal information like your email or password
  • Update your mailing address
Mobile Banking/App
Mobile Banking Mobile App
View account balances X X
Account balance quick view X
View transactions X X
Search transactions X
Transfer funds between accounts X X
View digital images of cleared checks X
Bill Pay – pay bills, add payees & view history X X
Make loan payments X X
E-statements X
Search account, credit card & tax statements X
E-alerts X
Graphs – view account income & expenses X
View WWFCU messages X X
View branch location, ATMs & CU Service Centers X X
Contact Us – phone numbers X X

What Next?

If you’re interested in using our drive-thru, here are the hours:

  • Monday, Tuesday, Thursday & Friday: 8:00 a.m.-6:00 p.m.
  • Wednesday: 9:30 a.m.-5:00 p.m.
  • Saturday: 8:00 a.m.-1:00 p.m.

– To sign up for our online banking, click here.

Click here to learn more about our mobile banking.

Download our mobile app here.

If you have any questions about any WWFCU transactions or need help setting up you online banking, please call a WWFCU Member Service Representative at (734) 721-5700.

Financial Wellness Home Loans Investments Rates Savings

Coronavirus and Your Money

Staying healthy isn’t the only concern these days. The coronavirus is also affecting our wallets. We want our members healthy and to keep your financial stresses at a minimum, so here are a few tips to help.

  • Keep Your Savings Safe – Some people panic during stressful times and want to withdraw all their savings. As tempting as that may be, your money is much safer in your savings account than under your mattress. Just remember that at credit unions like WWFCU, your deposits are federally insured by the National Credit Union Administration to at least $250,000.
  • Don’t Sell Your Investments – If the stock market’s plummet has you concerned, believe us, you’re not alone. Chances are, your 401(k) and other investments have felt the effects of Wall Street. Even though watching your nest egg slowly disappear is stressful, it’s in your best financial interest to leave it alone. Remember, the goal of investing is to buy low and sell high. If you panic-sell, you’re doing the opposite. The market will eventually reset itself. In the meantime, you might be better off not even looking at your investment or retirement accounts until things have improved to avoid any knee-jerk reactions.
  • Avoid Over-buying – Thinking of stockpiling on toilet paper or antibacterial wipes? Might want to think again. If money is tight, the last thing you need to do right now is put 100 rolls of toilet paper on your credit card. Of course, we want you to buy what you need, but just keep in mind that the store shelves will eventually be restocked – but your credit card balances need to stay low.
  • Cut Expenses Where Possible – Don’t worry, we’re not asking you to get rid of your Netflix account – we know that’s almost a necessity right now! But there are other areas where you can cut back. Options like Grubhub and Uber Eats make it really easy to have dinner delivered but try to scale back when possible. Cook more meals at home and see if you can pick up the meals yourself at the restaurant if it doesn’t put your health at risk. Take a look at your most recent account statement and analyze it for areas where you can reduce spending.
  • Boost Your Emergency Fund – This one may not be possible for everyone in the midst of all these layoffs and cutbacks. But if you’re lucky enough to still be earning a full paycheck, put a little aside into a separate savings account each pay period. Even $50 a check is a start. Expecting a tax refund this year? Unless you need it to pay bills, think about depositing some if not all into an emergency fund.
  • Take Advantage of Low Interest Rates – The Fed lowered the interest rates for a reason – to help out during these unstable times. Mortgage and other loan rates are at a near-record low. Crunch your numbers and see if refinancing makes sense for you right now. You might want to consider getting a personal loan to consolidate your debt. Before you start any loan or refinance process, check your FICO score. Your best bet for getting your credit score for free is at NerdWallet.com or CreditKarma.com. That way you’ll know what to expect when the loan officer pulls your report. Click here to apply for a loan with WWFCU today.

Reach out to our Member Service Representatives at (734)721-5700 if you’d like to learn more about saving, loans, interest rates or more. You can also view our latest interest rates here.

Home Banking

WWFCU Lobby Closed, Drive-Thru Open

March 16, 2020

First, let me assure you there have been no confirmed exposure to the COVID-19 (coronavirus) at WWFCU. We take the well-being and safety of our members and staff very seriously and they are at the heart of every decision we make. As inconvenient as it may be for our members, we are taking these precautions to stop the virus spreading to you and our community.

With the COVID-19 situation in Michigan quickly changing, we have decided to close our lobby and make our branch accessible by appointment only for critical needs until further notice. You may make an appointment by calling a Member Service Representative at 734-721-5700 during business hours:

  • Monday – Saturday
    Noon – 5:00 p.m.

Phones are also open for further service and information.

At this time, your cash needs can be handled by using our ATMs or drive-thru. We also encourage you to use our online services to continue your day-to-day financial transactions:

Click here to see what transactions are available using online or mobile banking. You can also visit our nearest Shared Branching locations:

If you’re a WWFCU business member, please contact a Member Service Representative if you have any specific needs.

We sincerely apologize for any inconvenience this may cause and we will continue to provide updates as needed.

Stay safe and healthy,

Thelma Dasho

CEO

Taxes

Should I Do My Own Taxes?

Have you been relying on a tax preparer to do your tax returns? Or are you new to the world of filing income tax returns? Either way, you might be wondering if it makes sense to do your own tax return. We have a few tips to help you decide what’s best for you.

Your Situation

The main deciding factor on if you should do your own taxes is the complexity of your financial situation. If you have a simple situation, i.e. W-2s and basic deductions, then doing your own taxes make sense. However, there are a few situations that may mean a tax preparer is the answer.

  • You’re a Business Owner
    From full-time businesses to side jobs, having your own business can mean your return is more complex. There may be special purchases or items you can write off that you didn’t consider.
  • Major Changes
    Has there been a marriage, divorce, baby or new home in the past year? This could complicate your return.
  • Looking to Itemize
    Many itemized deductions are pretty straightforward, but there may be some you haven’t thought of. Or you may have some that you’re not sure you can verify. To avoid trouble with the IRS, you may want tax advice from a professional.

Your Comfort with Numbers

If you’re like some people, the idea of working with numbers leaves you in a minor panic. If the idea of doing your own taxes seems too stressful, you may want to use a tax preparer. But if you like the idea of the challenge and enjoy crunching numbers, filing your own return may be ideal.

Your Schedule

Not enough hours in the day? If your schedule is already overwhelming, adding one more task may be one task too many. Lighten the load and seek the help of a tax preparer.

An Alternative to Using a Tax Preparer

The good news is many of the above concerns can be solved if you use tax prep software programs like TurboTax. The software walks you through your return, step by step. TurboTax even reviews each section as you complete it and lets you know if you’ve forgotten anything or responded to something incorrectly.

Also, in recent years software like TurboTax give you the opportunity to speak to a CPA if you have any issues or questions. That way, you don’t feel like you’re on your own.

Chances are, your situation isn’t too complex to use TurboTax to file your tax return. There’s even a Home and Business version if you own your own business. Even better, WWFCU members can save on TurboTax and get their largest refund, guaranteed. Click here to learn more or start filing today.

Home Banking

COVID-19: Protecting Yourself at WWFCU

We’re always talking to you about your financial health, but with the COVID-19 coronavirus now in Michigan we thought we’d talk about your physical health. Whether you’re ill or worried about getting ill, you still have plenty of banking options at WWFCU.

Many of our transactions can be performed either using our drive-thru, online banking or mobile app.

Drive-Thru

Pretty much any transaction you can do with the tellers in our lobby you can perform in drive-thru, with a few exceptions. These are the transactions you cannot do in our drive-thru:

  • Cash advances
  • Rolled coin deposits
  • Shared branch transactions

Online and Mobile Banking

From using your laptop, PC, phone or tablet, there are dozens of transactions you can perform using online or mobile banking or our mobile app.

Online Banking
  • Access account balances and history for any of your WWFCU accounts
  • Make one-time and recurring funds transfers
  • View statement and check images and downloads
  • Research transactions
  • Make loan payments
  • Get a loan payoff quote
  • Skip a loan payment
  • Apply for a loan
  • Transfer funds between WWFCU accounts Pay a company, person or credit union/bank through Bill Pay
  • Set up e-alerts
  • Place and monitor stop payments
  • Make loan advances or draws
  • Transfer funds between financial institutions in Bill Pay
  • Download account information
  • Manage personal information like your email or password
  • Update your mailing address
Mobile Banking/App
Mobile Banking Mobile App
View account balances X X
Account balance quick view X
View transactions X X
Search transactions X
Transfer funds between accounts X X
View digital images of cleared checks X
Bill Pay – pay bills, add payees & view history X X
Make loan payments X X
E-statements X
Search account, credit card & tax statements X
E-alerts X
Graphs – view account income & expenses X
View WWFCU messages X X
View branch location, ATMs & CU Service Centers X X
Contact Us – phone numbers X X

What Next?

  • If you’re interested in using our drive-thru, here are the hours:
    • Monday, Tuesday, Thursday & Friday: 8:00 a.m.-6:00 p.m.
    • Wednesday: 9:30 a.m.-5:00 p.m.
    • Saturday: 8:00 a.m.-1:00 p.m.

If you have any questions about any WWFCU transactions, stop by or call (734) 721-5700.

Financial Wellness

Is Debt Consolidation Right for Me?

Drowning in debt and not sure how to get out of it? You could speak to creditors, budget smarter, make bigger payments or try debt consolidation. Debt consolidation is where you roll several of your debts into a single loan payment. There are a lot of factors to consider when deciding if debt consolation is the answer for you. We help walk you through the decision process.

Debt Consolidation Options

There are three simple ways to consolidate your debt:

When is Debt Consolidation a Good Idea?

Debt consolidation can be a lifesaver, but it’s not always the best option for everyone. If any of the below sound like you, then debt consolidation might be right for you.

  • Your cash flow is able to consistently cover your monthly debt payments
  • Your total debt – minus your mortgage – is 40% of your gross income, or lower
  • You can qualify for a 0% credit card or a low-interest debt consolidation loan
  • You’ve got a plan in place to ensure you won’t rack up more debt in the future
When is Debt Consolidation Not a Good Idea?

You need to be serious about paying off your debt for debt consolidation to make sense. If any of the below points sound familiar, you may want to come up with a different option than debt consolidation.

  • You are unable or unwilling to stop using your credit cards
  • You know you won’t be able to stick to a monthly budget
  • You haven’t done the math to determine if debt consolidation will work for you
  • You won’t be able to make consistent and on-time monthly payments
What You Need to Know About Debt Consolidation
  • If you’re refinancing a loan to include your debt consolidation, the interest rate may be lower than what you were paying – but the length of the loan will be extended
  • Sometimes debt consolidation loan rates can change during the life of the loan
  • Debt consolidation is not debt elimination – you’re merging your debt together
  • If you’re unable to change your spending habits, you’ll just be making the same debt mistakes in the future, adding to your current debt
Options to Debt Consolidation

As we mentioned earlier, debt consolidation isn’t for everyone. Here are a few other options to consider.

  • Debt settlement – If your spending has gotten out of control and your debt is excessive, you might want to work with your creditors to settle, and hopefully reduce, your debt.
  • Bankruptcy – This is an extreme option, but if your situation is dire enough, it might be the only solution.
  • Debt Counseling – Sometimes it pays to speak to an expert. WWFCU has teamed with GreenPath to offer its members FREE debt management help. Click here for details.

If you are facing tough financial times and are behind in your WWFCU payments, don’t despair! It’s in your best interest to work out a payment plan. Speak to a Member Service Representative at (734) 721-5700 to get started.

Taxes

7 Tax Mistakes to Avoid

Hey, we all make mistakes once in a while. But the one area in your life you need to make sure you’re error-free is when filing your tax return. The Internal Revenue Service (IRS) isn’t very forgiving when it comes to mistakes on your returns – which is why we’re sharing seven tax mistakes you should avoid.

  1. Careless Mistakes
    Take your time to make sure your numbers aren’t transposed; the names are correct; and you checked the right filing status. As for your filing status, whatever you are on December 31, that’s your status. Play it safe and double/triple check everything.
  2. Forgotten Income
    It seems like this would be a hard one to forget, but you’d be surprised. Many people forget extra income like side work, gambling winning and even retirement withdrawals. Review your bank statements to ensure you’ve reported all of your income.
  3. Missing Deductions
    The more deductions you report, the larger your potential refund will be. Take a look to see if you have charitable donations, reinvested dividends, student loan interest, moving expenses due to a new job, childcare, the earned income credit and more.
  4. Procrastinate Filing
    Face it, we all know when the tax filing deadline is. Even so, April 15 can sneak up on you – so be sure you’ve filed well ahead of that deadline. If you wait till last minute you could rush through your return and make costly mistakes.
  5. Not Filing
    Believe it or not, but there are people that don’t file at all. Not sure if you have a tax liability? File anyway, just to be sure. You may have had too many taxes withheld from your income or have credits you’re unaware of. But you won’t know unless you file.
  6. Misunderstanding Extensions
    Yes, filing an extension will give you an extra six months to file your return. But it’s important to remember that if you owe taxes, you’ll still owe them by the tax filing deadline – even if you’ve got an extension.
  7. Paying Preparers
    Whether you’re used to using an accountant or tax preparer, chances are you can save money and file your tax return on your own. Most people have fairly simple returns that they can do themselves. Especially with user-friendly tax software like TurboTax.

The good news is that WWFCU members can get exclusive savings on TurboTax and get their largest refund guaranteed. Plus, TurboTax can help you avoid most of the above mistakes! Click here to start your return today.

Taxes

Prepping for Tax Time

Even though it’s an annual inevitability, tax season seems to take many of us by surprise. Don’t let that happen to you this year. Here are a few tips to make filing your taxes easier and relatively painless.

  • Decide How You’re Filing
    Are you doing your taxes on your own this year or are you using a tax preparer? If your financial situation is more complex than it was last year, you may need to visit a CPA or tax preparer. If you are, be sure to make that appointment now. If you’re filing on your own, what forms or software are you going to use? It’s time to decide.
  • Gather Documents
    You’ve probably been getting your W2, 1099 and other tax documents in the mail. Set aside a folder just for your tax documents and put them in there as soon as they arrive. That way you won’t be scrambling for them when it’s time to file. You’ll also want to corral any pertinent receipts from that tax year. This includes medical, charitable donation, business and childcare receipts and invoices, as well as those for any home improvements you’ve made.
  • Learn New Tax Rules
    It never hurts to stay up to date with the newest tax rules – some might be to your advantage. And as we know, the IRS is continually updating its rules. Read the latest IRS rules here.
  • Find Last Year’s Return
    If you’re filing your own return, refresh your memory and review last year’s return. There may be some deductions or speed bumps you forgot. If you’re using a tax preparer, they’ll need to see your previous tax returns.
  • List Personal Information
    By now we should all know our own social security numbers, but what about those of your spouse or dependents? Have these on hand, as well as any rental or vacation property addresses or dates sold if it was in the past year.
  • Determine if You Need an Extension
    Don’t have all the information you need to file, or life is just too complicated right now to get the job done? You can file an extension until October 15, but you will still need to estimate the taxes you’ll owe and pay them by April 15.
  • Plan Ahead for a Refund
    If you’re lucky enough to expect a refund, do you know what you want to do with it? If necessary, you can apply your refund toward your next year’s return or decide to have the money deposited into your checking or savings accounts. We have some smart suggestions on what to do with your refund here.
  • Adjust for Next Year
    The results of this year’s return may cause you to rethink a few financial decisions. This could include how much tax you’re withholding, how much you’re contributing to your IRA or 401k or how much you’ll spend on charitable donations.

Once you’ve got all your ducks in a row, it might be time to consider the WWFCU TurboTax Discount. You can save up to $15 and get your largest refund guaranteed. Learn more here.

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