Best Bank for Small Business in Oklahoma | A Comprehensive Review

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The Best Bank For Oklahoma Small Business

Best Bank for Small Business in Oklahoma: If you would like to start an LLC in Oklahoma, you must have a bank account for your business to be organized and maintainable. A small business owner must find the right bank with the support, services, and resources to help your business grow and thrive. But with so many banks in Oklahoma, how can you determine the best fit for your small business?

To help you make that decision, Webinarcare Editorial Team has compiled a list of the Best Banks for Small Businesses in Oklahoma. We’ll discuss the factors that make these banks stand out, including their fee structures, lending options, customer service, and additional resources they offer to support small businesses.

Best Bank For Small Business in Oklahoma

What is a Business Bank in Oklahoma?

A business bank in Oklahoma is a financial institution that provides banking services and products to small and large businesses. These banks cater to the specific needs of businesses by offering a range of financial products, including business checking and savings accounts, loans and lines of credit, credit cards, cash management services, online banking, and more.

Business banks in Oklahoma offer different levels of support to businesses of all sizes, from startups to established corporations. They also provide customized solutions for the banking needs of each business, including financing options, investment strategies, and risk management services. Business banks in Oklahoma are vital to the growth and prosperity of the state’s economy, as they help businesses access the capital they need to expand their operations and create jobs. Overall, business banks in Oklahoma are crucial in providing businesses with the financial resources they need to succeed.

The Best Banks For Small Business in Oklahoma

The best banks for small businesses in Oklahoma can vary depending on location, specific financial needs, and preferences. If you are starting a business in Oklahoma, having a business bank is beneficial. Here is a list of some top banks for small businesses in Oklahoma indicating the pros and cons (in no particular order):

1. Wells Fargo

wells fargo

Wells Fargo is one of the largest banks in the United States and offers various financial services tailored to small businesses. They provide business checking and savings accounts, business credit cards, lines of credit, small business loans, and merchant services.

wells fargo home page
Pros 👍
  • Wells Fargo is one of the largest banks in the United States, with a vast network of branches and ATMs.
  • They offer a variety of financial products and services, including savings accounts, checking accounts, credit cards, loans, and investment options.
  • Their online banking platform is user-friendly and accessible.
  • They have a strong reputation for customer service, with multiple channels available for customer support.
  • Wells Fargo offers financial education and resources, such as financial planning tools and webinars.
Cons 👎
  • Wells Fargo has faced several scandals recently, including their unauthorized account scandal, which damaged its reputation and eroded customer trust.
  • Their products and services can be more expensive than those other banks offer.
  • Their attention to cybersecurity has been questioned, as they have experienced several data breaches.
  • There have been reports of Wells Fargo employees engaging in unethical behavior to meet sales targets, raising concerns about their corporate culture.
  • Their lack of transparency in their fee structure can lead to customer confusion and frustration.
Apply to Wells Fargo

2. Bank of America

bank of america

Bank of America offers various financial services specifically designed for small businesses. These services include small business checking and savings accounts, business credit cards, lines of credit, Oklahoma Small Business Loans, payroll services, and merchant services.

bank of america home page
Pros 👍
  • Bank of America has the largest branch and ATM network in the United States.
  • They offer various financial products and services, including checking and savings accounts, credit cards, loans, and investment options.
  • Their mobile banking app is highly rated and easy to use, with features like mobile check deposit and bill pay.
  • Bank of America offers excellent educational resources for financial planning and investing.
  • They strongly focus on corporate social responsibility and are committed to sustainability and philanthropy.
Cons 👎
  • Bank of America has a reputation for high fees, including maintenance fees for their accounts and ATM fees.
  • Their customer service is inconsistent, with some customers reporting poor experiences with representatives.
  • Bank of America has experienced data breaches and security issues in the past.
  • They have faced criticism for their practices in mortgage lending, particularly during the 2008 financial crisis.
  • There have been reports of questionable sales tactics by Bank of America employees similar to those of Wells Fargo.
Apply to Bank of America

3. JPMorgan Chase

jp morgan

JPMorgan Chase Bank offers a comprehensive suite of Oklahoma small business banking services, including business checking and savings accounts, credit cards, lines of credit, small business loans, and payment processing solutions.

Pros 👍
  • JP Morgan Chase Bank is one of the largest and most well-established banks in the United States.
  • They offer various financial products and services, including checking and savings accounts, credit cards, loans, and investment options.
  • Their online and mobile banking platform is highly rated and user-friendly, with advanced features like mobile check deposit and balance notifications.
  • JP Morgan Chase Bank strongly focuses on innovation, investing heavily in technology and digital transformation.
  • They have a reputation for excellent customer service, with multiple channels available for support.
Cons 👎
  • JP Morgan Chase Bank has faced regulatory fines and lawsuits for mismanagement and illegal practices, particularly in mortgage lending and consumer protection.
  • They have a reputation for high fees, including maintenance fees for their accounts and overdraft fees.
  • JP Morgan Chase Bank has experienced data breaches and security issues.
  • They are not focused on smaller businesses or individuals, which can make them less accessible to certain segments of the population.
  • JP Morgan Chase Bank has a wide range of financial products and services, which can be overwhelming and confusing for some customers.
Apply to JPMorgan Chase Co.

4. U.S. Bank

us bank

U.S. Bank provides various financial services for Oklahoma small businesses, including business checking and savings accounts, credit cards, lines of credit, small business loans, cash management services, and payment processing solutions.

us bank home page
Pros 👍
  • US Bank is one of the largest banks in the United States, with a significant branch and ATM network.
  • They offer a variety of financial products and services, including checking and savings accounts, credit cards, loans, and investment options.
  • Their online and mobile banking platforms are well-designed and user-friendly, with features like mobile check deposit and budgeting tools.
  • US Bank offers excellent customer service, with multiple channels available for support.
  • They strongly focus on corporate social responsibility, committed to sustainability and community development.
Cons 👎
  • US Bank has a reputation for high fees and charges, including maintenance fees for their accounts and ATM fees.
  • Their products and services may not be as accessible or affordable for low-income or underserved populations.
  • US Bank has experienced data breaches and security issues, which can raise concerns about customer privacy and protection.
  • They may not have a broad range of financial products and services like other large banks.
  • Some customers report difficulty resolving issues or disputes with US Bank.
Apply to U.S Bank

5. PNC Bank

pnc

PNC Bank offers tailored financial services for Oklahoma small businesses, including business checking and savings accounts, credit cards, lines of credit, term loans, and cash management services.

pnc bank home page
Pros 👍
  • PNC Bank has a significant branch and ATM network, particularly in the Mid-Atlantic and Northeast regions.
  • They offer a variety of financial products and services, including checking and savings accounts, credit cards, loans, and investment options.
  • PNC Bank’s online and mobile banking platforms are highly rated and user-friendly, with features like mobile check deposit and account alerts.
  • They offer excellent customer service, with multiple channels available for support.
  • PNC Bank strongly focuses on community development and philanthropy, demonstrating a commitment to social responsibility.
Cons 👎
  • PNC Bank has a reputation for high fees and charges, including maintenance fees for their accounts and ATM fees.
  • Their rates on savings accounts and other deposits may not be as competitive as some other banks.
  • PNC Bank has experienced data breaches and security issues in the past.
  • They may not have as broad a range of financial products and services as some of their larger competitors.
  • Some customers report difficulty resolving issues or disputes with PNC Bank, particularly around fees and charges.
Apply to PNC Bank

Through thorough research and market study, Webinarcare Editorial Team selects these banks for small businesses. You must cross-check all the factors before choosing the right one for your business.

Importance of Choosing the Right Bank in Oklahoma

Choosing the right bank for your small business in Oklahoma is a critical decision that can significantly impact your business’s overall success and growth. Even if you need to form an LLC, the right bank can provide financial resources, support, and services that cater to your business’s unique needs. Here are several reasons why selecting the right bank is crucial for small businesses in Oklahoma:

  • Financial Stability: A bank that understands and supports your business’s financial needs provides a solid foundation for growth. Access to reliable credit facilities, checking and savings accounts, and cash management services ensure your business can maintain financial stability during expansion and challenging times.
  • Lending Options: The right bank should offer various options for small businesses, such as Small Business Administration (SBA) loans, lines of credit, term loans, and commercial real estate loans. These options allow business owners to access funds for various purposes, including working capital, equipment purchases, or business expansion.
  • Customized Services: Each business has unique financial requirements, so it’s essential to choose a bank that offers customized services, fee structures, and account options. This flexibility allows you to select the products and services that best suit your business’s needs and budget.
  • Local Market Knowledge: Banks with a strong presence in Oklahoma are more likely to understand the local market conditions and your business’s specific challenges. This knowledge can lead to better financial advice, faster loan approvals, and more relevant support.
  • Networking Opportunities: Many banks host events, workshops, and seminars that can provide valuable educational resources, networking opportunities, and a chance to connect with other local business owners. These connections can lead to potential partnerships, collaborations, or referrals, ultimately benefiting your business growth.
  • Customer Service and Support: Having a dedicated team of small business specialists available to assist with questions, concerns, or financial advice can significantly impact your business’s success. The right bank should prioritize customer service and support, ensuring your business’s needs are met promptly and efficiently.

Tips For Choosing The Right Bank in Oklahoma

When choosing the right bank in Oklahoma, consider the following tips to help you make an informed decision that meets your specific financial needs and preferences:

  • Assess Your Banking Needs: Evaluate your personal or business banking requirements. Consider the type of accounts you need (checking, savings, or both), loans or credit lines, credit cards, and any additional financial services like wealth management or payment processing. Also, be informed that you should file for an Employer Identification Number in Oklahoma before opening a bank account because you will use this account for yourself, your clients, and your employees. You can look up the Internal Revenue Service on how to file for an EIN. Once you have your EIN, make sure that your Registered Agent has already filed for the Articles of Organization of your LLC in the Oklahoma Secretary of State. You can get business permits and pay other taxes in Oklahoma Tax Commission.
  • Compare Fees and Interest Rates: Various banks in Oklahoma compare their fees for monthly maintenance, ATM usage, wire transfers, and overdraft protection. Additionally, compare the interest rates offered on savings accounts, loans, and credit cards.
  • Evaluate Customer Service: Quality customer service is essential for a smooth banking experience. Read customer reviews, ask for recommendations from friends or colleagues, and visit local branches to assess each bank’s level of customer service.
  • Accessibility and Convenience: Choose a bank with convenient branch locations and ATMs. Additionally, consider their operating hours and whether they offer online or mobile banking options for easy access to your accounts anytime, anywhere.
  • Online and Mobile Banking Features: In today’s digital age, having a bank with robust online and mobile banking capabilities is crucial. Compare the digital features offered by different banks, such as bill pay, mobile check deposit, account alerts, and budgeting tools.
  • Financial Stability and Reputation: Research the financial stability and reputation of the banks you are considering. Opt for a well-established and reputable bank to ensure the security of your funds and a reliable banking experience.
  • Special Promotions or Incentives: Some banks in Oklahoma may offer promotions or incentives for opening a new account, such as cash bonuses, waived fees, or higher interest rates. Consider these offers and weigh them against long-term fees and interest rates.
  • Local or National Presence: Determine whether you prefer a local community bank or credit union that may offer personalized service and a focus on the local market or a large national bank with a more extensive range of services and resources.
  • Business Banking Services (if applicable): If you are looking for a bank for your business, consider banks that offer specialized services tailored to small businesses, such as payroll services, merchant services, and business loans or lines of credit.

By researching and comparing banks in Oklahoma based on these factors, you can choose the best bank that meets your financial needs and preferences.

Why Do You Need a Bank For Your Business?

Having a bank for your business is essential for several reasons, ranging from financial management to growth and expansion. A business bank account helps you separate your personal finances from your business finances, making it easier to manage cash flow, track expenses, and maintain accurate financial records. It also allows you to accept payments under your business name, which helps build trust with customers, suppliers, and other stakeholders.

Business bank accounts typically offer more robust fraud protection measures than personal accounts. They have features like two-factor authentication, transaction monitoring, and account alerts that help safeguard your business from unauthorized transactions and fraudulent activities.

Is It Necessary To Have a Bank For Your Business?

While it may not be legally required to have a dedicated bank account for your business, it is highly recommended and considered a best practice for several reasons:

  1. Separation of personal and business finances
  2. Professionalism and credibility
  3. Access to credit and financial services
  4. Efficient cash management
  5. Enhanced fraud protection

FAQs

What are the best banks for small business in Oklahoma?
Some of the best banks for small business in Oklahoma include Arvest Bank, Bank of Oklahoma, and First United Bank.
Can I apply for a small business loan in Oklahoma if I have bad credit?
Yes, some banks in Oklahoma offer small business loans for people with bad credit, but the interest rates may be higher.
What is the process for opening a business bank account in Oklahoma?
The process for opening a business bank account in Oklahoma involves providing several forms of identification, such as your Social Security number and your employer identification number.
Are there any Oklahoma banks that offer business checking accounts with no monthly fees?
Yes, some banks in Oklahoma offer business checking accounts with no monthly fees, including BancFirst and Arvest Bank.
Can I apply for a business credit card at an Oklahoma bank?
Yes, most banks in Oklahoma offer business credit cards. Your credit score and business financials will determine your eligibility.
What are the benefits of choosing a local Oklahoma bank for my small business?
Choosing a local bank for your small business in Oklahoma can provide personal attention from bankers who fully understand the local market, culture, and business landscape.
Can I manage my Oklahoma business bank account online?
Yes, most banks in Oklahoma offer online banking services for business accounts.
Are there any Oklahoma banks that specialize in small business loans?
Yes, some Oklahoma banks, such as Tinker Federal Credit Union and First Enterprise Bank, specialize in small business loans.
Can I find an Oklahoma bank that offers commercial real estate loans?
Yes, many Oklahoma banks offer commercial real estate loans for small businesses looking to buy, refinance, or develop property.
How can I find an Oklahoma bank with low interest rates on small business loans?
The best way to find an Oklahoma bank with low interest rates on small business loans is to research different options online and compare rates and terms.
Can I find an Oklahoma bank that offers business money market accounts?
Yes, many Oklahoma banks, such as MidFirst Bank and the Bank of Oklahoma, offer business money market accounts.
Can an out-of-state business open a bank account in Oklahoma?
Yes, out-of-state businesses can open accounts with Oklahoma banks as long as they provide the necessary identification and documentation.
Are there any benefits to choosing a credit union over a bank for my Oklahoma small business?
Credit unions often offer lower fees and interest rates than traditional banks and may be a good option for small businesses in Oklahoma.
Can I get a business loan in Oklahoma if my business has no credit history?
It may be more difficult to get a business loan in Oklahoma if your business has no credit history, but other factors such as your personal credit score and financial history may be considered.
Can I find an Oklahoma bank that offers overdraft protection for my business checking account?
Yes, many Oklahoma banks, such as Legacy Bank and Valliance Bank, offer overdraft protection for business accounts.
How do I know which Oklahoma bank is right for my small business?
Research different banks online and compare their offerings, fees, interest rates, and customer reviews to determine which Oklahoma bank is right for your small business.
Can I find an Oklahoma bank that offers mobile banking for my business account?
Yes, nearly all Oklahoma banks offer mobile banking options for business accounts.
Can I link my Oklahoma business bank account to accounting software like QuickBooks?
Yes, most Oklahoma banks offer account integration with popular accounting software like QuickBooks.
How can I find out if an Oklahoma bank is FDIC-insured?
You can check if an Oklahoma bank is FDIC-insured by going to the FDIC website and searching for the bank by its name or FDIC number.
Can an Oklahoma bank provide me with a merchant processing account for my business?
Yes, many Oklahoma banks, such as Oklahoma Central Credit Union and Fidelity Bank, offer merchant processing accounts for small businesses.
Can I apply for an SBA loan with an Oklahoma bank?
Yes, most Oklahoma banks are authorized to offer SBA loans to small businesses.
Can an Oklahoma bank provide me with business insurance for my small business?
Yes, many Oklahoma banks, such as RCB Bank and City National Bank, offer business insurance services to small businesses.
Can I apply for a small business line of credit with an Oklahoma bank?
Yes, many Oklahoma banks offer lines of credit to small businesses with flexible terms and repayment options.
What should I consider when choosing an Oklahoma bank for my small business?
You should consider factors such as fees, interest rates, customer service, available services, and proximity to your business when choosing an Oklahoma bank for your small business.
Can an Oklahoma bank provide me with payroll services for my small business?
Yes, many Oklahoma banks, such as BOK Financial and Simmons Bank, offer payroll services to small businesses.
Can I get a business credit card with rewards at an Oklahoma bank?
Yes, many Oklahoma banks offer business credit cards with rewards programs, such as cashback or rewards points.
Can I find an Oklahoma bank that offers remote deposit capture for my business?
Yes, remote deposit capture is a common feature offered by many Oklahoma banks, allowing you to deposit checks electronically without physically visiting the bank.
Can I get a business loan in Oklahoma for a startup?
Yes, some Oklahoma banks offer small business loans specifically for startup companies, but the requirements may be more stringent and interest rates may be higher.
What are the top banks for small businesses in Oklahoma?
Some of the top banks in Oklahoma for small businesses include Bank of Oklahoma, Arvest Bank, and BancFirst.
Are there any banks in Oklahoma that specialize in small business loans?
Yes, many banks in Oklahoma offer specialized small business loans, including the Small Business Administration (SBA) loans.
Can a small business owner open a business checking account in Oklahoma?
Yes, any of the large banks in Oklahoma such as Bank of Oklahoma, City National Bank, and First United Bank offers business checking accounts.
What banks in Oklahoma offer business credit cards?
Bank of Oklahoma, Chase, and American Express are some of the most popular banks in Oklahoma that offer business credit cards.
Are there any online-only banks for small businesses in Oklahoma?
Yes, online-only banks like Novo and Azlo are good options if you need to manage your accounts online while launching and running a small business in Oklahoma.
How much does it cost to open a business checking account at a bank in Oklahoma?
The cost of opening a business checking account in Oklahoma can range from no fees at some online-only banks to several hundred dollars for an account startup fee and monthly maintenance fees charged by traditional banks.
Do I need to have good credit to open a business account in Oklahoma?
Yes! Most banks in Oklahoma want you to have good credit history for loan acceptance. They’re running their loans and underwriting through credit checks!
Are Oklahoma banks FDIC-insured?
Yes, all banks operating within the United States are FDIC-insured, protecting deposits up to $250,000.
What is the minimum balance requirement for a business account in Oklahoma?
Minimum balance requirements depend on the bank and account type. Some banks require that you maintain a balance of at least $100, while others mandate minimum balance requirements of $1,000 to $10,000.
Should I open a high-interest savings account with my Oklahoma business bank?
Yes! Business Saving in Oklahoma either give low-interest or zero percent returns. Having High-Interest business saving will imply earning more for the business fund you hold.
Are there any credit unions in Oklahoma that offer smaller service charges for small businesses?
Yes, the FAA Eastern Region Federal Credit Union is a common choice for small business accounts due to its low account maintenance fees.
Is there any online navigation tool to see top business banks in Oklahoma?
Yes, a significant comparison result website Bankrate provides an online navigation tool for comparing business account options and finding one that matches your Boston small business banking needs.
How can I evaluate the best bank for small businesses with a personalized evaluation?
Asking some questions to follow self – What’s my transaction volume? What’s important for me in customer relationship management? How accessible and responsive should my account representative be? Etc.
What are the usual costs an Oklahoma regular small business account holds?
Regular business accounts with any traditional Oklahoma bank cost from $12 to $15 a month, with varying interest rates based on account balance and overdraft fees.
What type of loans can I look for in Oklahoma’s small business banking?
Oklahoma banks offer diverse small business loan schemes including flexible loans like Merchant cash advances lines of credit while organized traditional term loans equipment – cost loans, etc.
Should I explore the connection with a bank that offers financial advisory and planning services?
Oklahoma banks that offer financial planning generally do so to prioritize small business, distributing the proper management of their business’s finance structure — so, this leaves only one answer
Is there an opportunity in different accounts for small businesses which Oklahoma Bank provides events-based transactions?
Yes, there’s such an account in various Oklahoma banks and financial institutions, which lets you e-transfer funds immediately to mobile phone contacts or another QuickPay beneficiary using text messaging.
Which are the banks I can open a business account remotely in Oklahoma in this digital era?
With robust fraud screening technology for verifying user authentication in online banking, Ally and Chase in Oklahoma offer a comprehensive online account application to open a bank account remotely.
Can I switch to another bank from my present Oklahoma bank quickly?
Yes, you can switch your small business bank in Oklahoma pretty quickly in most cases. You would just need to notify your old bank that you want to close your old account and transfer its balance or close it remotely depending on account requirements.
What tools or digital features will make managing my small business financials perfect with Oklahoma banks?
In Oklahoma, there are various digital features most all offer-like online account management, digital money transfers, mobile check deposits, statements, and expenses tracker; keeping detailed records of small businesses’ financial, crucial when filing tax serially.
What docs should I have to open a small business checking account in Oklahoma?
Personal and business specific documents should be produced before Oklahoma banks to open a business checking account, example social security, a specific d/b/a certificate letter, business organization papers to mention a few.
Can I sign up for a merchant service at my Oklahoma bank?
Sure, many Oklahoma banks, from Wells Fargo to UMB, offer merchant services, which allow small businesses to facilitate customer transactions conveniently.
Is there a golden age for opening small business banking services account?
As said by most bankers, “the soon, the better.” — Even If the business is in idea validation or startup stage in Oklahoma, opening an account helps track the financial value — regardless of whether or not features like checking and merchant services are required from the initial stage.
How quickly are most banking problems resolved in Oklahoma?
It varies though generally, Oklahoma banks have decent good times in resolving typical banking hitches, but in case they arise, contacting business account support over the phone or chatting line prioritizes the nature of the inquiry and speedily handles bank services.
Do Oklahoma small businesses have specific loan criteria’s to meet?
Small business loan financing conditions varying from lender to lender in Oklahoma, all consider federally work plan, which guarantees credit loans while others evaluate loan eligibility based on credit score, cash flow analysis, and background of borrowers.
What actions to take before choosing an Oklahoma Bank for a business loan?
Before even considering applying for a loan from a bank in Oklahoma, you should become well-versed in your company’s financing requirements and establish clear milestones and objectives for the loan services you seek out.
With sensitive banking data inconsideration, how safe are online account management-related arrangements with Oklahoma banks?
Oklahoma banks often use cutting-edge algorithms for detecting fraud and bad actors while providing much needed unparalleled security to all clients.

Also Read

How to Choose Best Bank for Your Oklahoma Small Businesses

First and foremost, small business owners need to determine what services and features are most important to them. Do they need a bank that offers convenient online banking options? Are they looking for a bank with a strong reputation for excellent customer service? Or perhaps they require specialized business lending programs tailored to their industry needs. By identifying these priorities, small business owners can narrow down their options to find banks that meet their specific needs.

It’s also important for small business owners in Oklahoma to consider the fees associated with banking services. While many banks offer basic services for free, others may charge fees for things like wire transfers, overdrafts, or account maintenance. Small business owners should carefully review the fee schedules of potential banks to ensure that they understand the costs associated with banking with them.

Another essential factor to consider when choosing a bank for a small business is the level of customer service and support they provide. Running a small business can be stressful, and having a bank that is there to assist when issues arise can make a significant difference. Small business owners should consider the availability of customer support, whether it be through in-person visits, phone support, or online chat, when evaluating potential bank options.

Furthermore, small business owners in Oklahoma should assess the bank’s lending programs and products. Many small businesses rely on loans and lines of credit to help fund their operations and growth. Finding a bank with competitive rates, flexible terms, and a range of lending products can be instrumental in supporting a small business’s financial success.

In addition to these key considerations, small business owners in Oklahoma should also review the bank’s reputation and financial stability. Working with a bank that has a solid track record of stability and trustworthiness can provide peace of mind and confidence in the long-term partnership. Small business owners should consider conducting research online, reading reviews, or speaking with other business owners to gauge the reputation of potential banking partners.

Ultimately, choosing the best bank for a small business in Oklahoma is a decision that requires careful consideration and research. By identifying their priorities, understanding the fees, evaluating customer service, considering the lending programs, and reviewing the bank’s reputation, small business owners can confidently select a bank that aligns with their needs and supports their financial goals. The right banking partner can be a valuable asset to a small business and contribute to its long-term success.

Conclusion

When choosing the best bank for your small business in Oklahoma, it’s essential to consider factors such as fee structures, lending options, customer service, and each bank’s additional resources. The banks listed above each offer unique advantages and services tailored to the needs of small businesses, making them strong contenders for the title of the best bank for small business in Oklahoma.

Ultimately, the best bank for your small business will depend on your specific needs and preferences. By carefully evaluating these banks and considering how their services align with your business requirements, you can choose the bank that best supports your small business’s growth and success.

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