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Hancock Whitney Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Hancock Whitney Bank’s history dates back to the 1800s, when Hancock Bank offered banking solutions to residents of Mississippi involved in the areas of agriculture, seafood, timber and tourism. Meanwhile, Whitney Bank served those in New Orleans’ cotton industry. Both of these banks saw significant growth over the next 100 years or so. In December 2010, they joined forces to become Hancock Whitney Bank.

Today, Hancock Whitney Bank has locations in Alabama, Florida, Louisiana, Mississippi, Tennessee and Texas. It offers checking, savings, CD, money market and IRA accounts. Rates vary by region, however, and you’ll need to contact a branch in your area to learn more. Read on to learn if one of these products could be the one for you, and how they stack up against the competition.

Hancock Whitney Bank’s checking account options

Access Checking

A simple checking account with minimal fees and requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10 (can be waived; details below)
  • ATM fee: None from Hancock Whitney Bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

This account cannot earn interest. While it does have a monthly maintenance fee, it is easily waivable by meeting one of the following requirements:

  • Maintaining a $250 minimum daily balance
  • Receiving a direct deposit of $250 or more to your account
  • Being younger than 24 or 64 and older
  • Making a minimum opening deposit of $50

This account also offers online banking, mobile banking and check deposit, as well as free online statements.

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Connect Checking

This account takes things a step up with premium security benefits.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (can be waived; details below)
  • ATM fee: None from Hancock Whitney Bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

Like the Access Checking account, this checking account cannot earn interest. Additionally, its minimum balance requirement to waive the monthly maintenance fee is a bit steeper at $1,500. You can also waive the monthly fee if you have $5,000 in combined deposits, consumer loans or credit card balances.

But what makes this account stand out is that it comes with identity and credit monitoring, as well as identity fraud recovery services so that you’re notified and reimbursed quickly should any suspicious activity occur.

This account also comes with cellphone protection. If you set up auto-pay for your monthly cellphone bill with your Visa debit card, you’ll qualify for up to $250 in coverage if your phone is stolen or damaged.

This account also offers online banking, mobile banking and check deposit, as well as free online statements.

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Priority Checking

This is Hancock Whitney Bank’s only interest-earning checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $21 (can be waived; details below)
  • ATM fee: None from Hancock Whitney Bank ATMs
  • ATM fee refund: Unlimited refunds at all domestic and international ATMs
  • Overdraft fee: $36; waived on items that are $5 or less

This account is Hancock Whitney Bank’s only interest-bearing checking option. The rates are not published on the bank’s website, so check with Hancock Whitney Bank for the latest rates.

It comes with the same security benefits as the Connect Checking account. But its minimum requirements to waive the monthly fee are pretty steep. You can do so by:

  • Maintaining a $10,000 minimum daily balance
  • Having $25,000 in combined deposits (excluding CDs and IRAs), outstanding consumer loans (excluding mortgages) or credit card balances
  • Maintaining $250,000 or more in a trust account or an account with Hancock or Whitney Investment Services Inc. (excluding annuities)

This account comes with free checks and offers a 25% discount on a safe deposit box. Another nice perk is that it refunds all ATM charges domestically and internationally.

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How to get Hancock Whitney Bank’s checking accounts

You can open Hancock Whitney Bank’s Access Checking and Connect Checking accounts online or at a branch. The Priority Checking account must be opened at a branch.To open any of these accounts, you’ll need personal information such your Social Security and driver’s license numbers. You’ll also need to be at least 18 and provide an existing bank account and routing number to fund your new account.

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How Hancock Whitney Bank’s checking accounts compare

While Hancock Whitney Bank’s more basic checking accounts — Access Checking and Connect Checking — come with monthly fees, they’re fairly easy to avoid. The Priority Checking account comes with a variety of extra perks, but the high minimum balance requirement to avoid the $21 monthly fee might not be enough to make that worth it if that’s not an easy task for you.

The Priority Checking account is the only one that earns interest, but you’ll have to contact a branch to determine how much. With that information, you can see if this or its other checking accounts stack up to those on our list of the best online checking accounts.

Hancock Whitney Bank’s savings account options

Silver Savings

A basic interest-earning savings account.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $3 (can be waived; details below)
  • ATM fee: None at Hancock Whitney Bank ATMs; outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

This interest-earning savings account has a much lower monthly fee than any of Hancock Whitney Bank’s checking products — and it’s easier to avoid. You can waive the monthly fee if you maintain a minimum daily balance of $200 or you’re younger than 18 or 65 and older. Another option to eliminate this fee is to link the account to a Priority or Connect Checking account. Contact the bank for rate information.

As with all savings accounts, it’s subject to Federal Reserve Regulation D, which normally limits certain withdrawals up to six per month. This account is a little stricter, limiting free withdrawals to three per month. You’ll pay $3 for each extra withdrawal.

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Christmas Club Savings

A savings account to sock away cash for the holiday season.
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This allows account holders to easily set aside funds for holiday expenses. There is no minimum balance to earn interest on this account, though you’ll have to contact Hancock Whitney Bank to find out the rate. It also doesn’t provide ATM access, which makes it easier to avoid touching the funds you’ve set aside for a specific purpose. You can open this account anytime of the year and regularly transfer funds into it from your checking account.

In November, its funds will be deposited into your checking account. Keep in mind that a $10 closing fee will be charged if you close the account before it matures.

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How to get Hancock Whitney Bank’s savings accounts

Both of Hancock Whitney Bank’s savings accounts must be opened at a branch. You’ll need to be at least 18 years old and provide personal information such as your Social Security and driver’s license numbers, as well as an existing bank account and routing number to fund your new account.

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How Hancock Whitney Bank’s savings accounts compare

Both of these accounts have minimal fees and monthly balance requirements. Although they both can earn interest, you’ll have to contact a branch to determine how much. Once you have that information, you can compare the rates to those on our list of the best online savings accounts.

Hancock Whitney Bank’s CD rates

Certificates of Deposit

Standard CDs offered in terms from seven days to seven years, with a minimum deposit requirement of $1,000.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For seven-day and 30-day terms, it’s all interest; for 90 days, it’s 30 days’ interest; for 365 days, it’s 90 days’ interest; for seven years, it’s 180 days’ interest. The interest penalty applies to the amount withdrawn.

Hancock Whitney Bank offers CDs in the following term lengths: Seven days, 30 days, 90 days, 365 days and seven years. Rates vary by location. Contact a branch to determine rates for your area.

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How to get Hancock Whitney Bank’s CDs

Hancock Whitney Bank’s CDs must be opened at a branch. To do so, you’ll need to provide personal information such as your Social Security and driver’s license numbers. You’ll also need to be at least 18 and provide an existing bank account and routing number to fund your CD.

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How Hancock Whitney Bank’s CD rates compare

Hancock Whitney’s CDs term lengths, deposit requirements and early withdrawal penalties are pretty standard as far as CDs go. But to truly compare them to the competition (such as those on our list of the best CD rates), you’ll need to find out the rates for your location. Contact a branch to do so.

Hancock Whitney Bank’s money market account options

Money Market

Your basic, run-of-the-mill money market account.
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10 (waived with minimum daily balance of $2,500)
  • ATM fee: None on Hancock Whitney Bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

This account can earn interest, though the amount will vary by location. Contact bank for current interest rates.

It’s also subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six per month. Exceed this amount and you’ll pay a $15 fee per instance.

The monthly maintenance fee can be waived if you don’t let your balance fall below $2,500 (which is also the minimum needed to earn the APY offered in your area). You also will be charged $10 per month if your account drops below $2,500, which means you also won’t earn interest.

This account also comes with free online banking services.

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Priority Money Market

Another money market account with a very high requirement to earn the rate.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $25,000
  • Monthly account maintenance fee: $25 (waived if you maintain a balance of $25,000)
  • ATM fee: None on Hancock Whitney Bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; waived on items that are $5 or less

This account must be funded with new money that is not on deposit in another Hancock Whitney Bank account. But it has a very low opening deposit requirement for a money market account.

At the same time, it has an unusually high $25,000 requirement to earn the APY (which you’ll have to contact your local branch to obtain) and to waive the monthly fee of $25. As a bonus, you can earn higher rates if you have both the Priority Money Market and Priority Checking accounts.

As with Hancock Whitney Bank’s other accounts, it offers free mobile and online banking services. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions up to six per month. After that, the fee is $15.

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How to get Hancock Whitney Bank’s money market accounts

You can open Hancock Whitney Bank’s money market accounts at a branch. You’ll need your Social Security and driver’s license numbers. You’ll also need to be at least 18 and provide an existing bank account and routing number to fund your new account.

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How Hancock Whitney Bank’s money market accounts compare

At first glance, Hancock Whitney’s Money Market account is pretty standard as far as requirements and fees go. We think it’s odd that the Priority Money Market option has such a low opening deposit and such a high balance requirement to earn the APY and to avoid the balance fee.

As with Hancock Whitney Bank’s other personal deposit accounts, you’ll have to contact a branch to find out the rates for your area. Once you have that information, be sure to compare them to those on our list of the best money market account rates to make sure you’re getting the best bang for your buck.

Hancock Whitney Bank’s IRA options

IRA CDs

Hancock Whitney Bank offers CDs opened within an IRA, as well as an IRA Savings account.

But rates, terms and penalties vary by region, so customers should contact a local branch to obtain this information. All IRA CDs will require a $1,000 minimum opening deposit. They also renew automatically at maturity.

Once you have the necessary details, you can compare Hancock Whitney Bank to our list of the best IRA CD rates to see if you might be better off with one of those accounts.

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How to get Hancock Whitney Bank’s IRA CDs

If you’re at least 18, you can open Hancock Whitney Bank’s IRA CDs at a branch. Be sure you come prepared with personal information such as your Social Security and driver’s license numbers, as well as an existing bank account and routing number to fund your new account.

Overall review of Hancock Whitney Bank’s banking products

While the fees and requirements on most of Hancock Whitney Bank’s products are minimal, it’s hard for us to compare the accounts to the top products on the market without rate information. So you do your homework and shop around after getting that information from a branch.

But the fact that you have to call or visit a branch to open any account other than the two basic checking accounts is a huge drawback if it’s one of the other products you were after.

If you don’t live near a branch, you may decide it’s not worth the effort to find that information before going to open it in person, because chances are there are much more competitive products available online.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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American Southwest Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1955
Total Assets$0.2B
LEARN MORE American Southwest Credit Union’s secure websiteNCUA Insured

American Southwest Credit Union is an Arizona-based financial institution headquartered in Sierra Vista. It was established in 1955 and has since grown to serve more than 22,000 members at six locations.

To be eligible to become a member, customers must live, work, worship or attend school in one of two counties or several Arizona ZIP codes listed on its website. Immediate family members of existing members are also eligible to join. Membership requires the opening of a Share Savings account with a minimum deposit of $5 to be able to open any other products.

In this review, we’ll go over what the credit union’s personal banking products have to offer potential customers. Read on to determine whether one of these products can best fit your needs.

American Southwest Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

American Southwest Credit Union Regular Shares

2.20%

Barclays Online Savings Account

on Barclays’s secure website

NCUA Insured

American Southwest Credit Union’s checking account options

Classic Checking

A free, noninterest-bearing checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on American Southwest Credit Union and Allpoint network ATMs
  • ATM fee refund: None
  • Overdraft fee: None on amounts of $10 or less; $25 on amounts from $10.01 to $100; $28 on amounts of $100.01 or more

This no-frills, fee-free checking account does not earn interest. While there aren’t any true bonuses or perks that come with this account, that convenience alone might be enough to customers looking for a headache-free way to manage their money. This account also offers low-cost duplicate checks, a Visa® debit card, overdraft protection from your savings account and for checks, Automated Clearing House (ACH) transfers and recurring debit card transactions, and free online banking and bill pay.

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Prestige Checking

Another noninterest-earning checking account with slightly stricter requirements.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None on American Southwest Credit Union and Allpoint network ATMs
  • ATM fee refund: None
  • Overdraft fee: None on amounts of $10 or less; $25 on amounts from $10.01 to $100; $28 on amounts of $100.01 or more

Despite what its name suggests, this checking account doesn’t offer much more than the basic checking account, except for a $10 monthly fee and a somewhat high $2,000 balance requirement to be able to waive it. This account also doesn’t earn interest, minimizing its appeal. But it does offer free credit union checks, a Visa® debit card, overdraft protection from your savings account and for checks, ACH transfers and recurring debit card transactions, and free online banking and bill pay.

How to get American Southwest Credit Union’s checking accounts

If you meet the requirements to become a member and open a Share Savings account with a minimum deposit of $5, you can open either of American Southwest Credit Union’s checking accounts online. To do so, you’ll need to provide your Social Security number and a form of government-issued ID, such as a driver’s license.

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How American Southwest Credit Union’s checking accounts compare

As we mention in our roundup of the best online checking accounts, the best products will earn interest, as well as have no account and ATM fees and a user-friendly online interface. These two checking accounts win on a couple of these fronts, but not enough to make them must-have accounts. We say consider one of the accounts on our list to be able to earn interest on your funds without any added hassle.

American Southwest Credit Union’s savings account options

Share Savings

This account is required to become a member of American Southwest Credit Union.
APYMinimum Balance to Earn APY
0.10%
$50
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on American Southwest Credit Union or Allpoint network ATMs
  • ATM fee refund: None
  • Overdraft fee: None on amounts of $10 or less; $25 on amounts from $10.01 to $100; $28 on amounts of $100.01 or more

This account is a requirement for anyone interested in joining American Southwest Credit Union and wanting to open any other personal banking products. It earns a very small amount of interest on amounts over $50. It also comes with a Visa® debit card and online banking. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six a month.

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Savings Safari Club for Young Savers

A simple savings account for children younger than 13.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: N/A
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is designed to help kids learn how to save. It doesn’t earn interest, nor does it have ATM access. Account holders will receive a special gift when they open the account and have the chance to win a $10 deposit to their account every month. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals up to six a month. A parent or guardian must be an existing American Southwest Credit Union member for a child to open this account. Once the account holder turns 13, this account will turn into a regular Share Savings account.

How to get American Southwest Credit Union’s savings accounts

If you qualify to be a member of American Southwest Credit Union, you’ll have to open the Share Savings account with a minimum deposit of $5 before opening any other products. You’ll need your Social Security number and a valid form of ID to do so. To open the Safari Club account, you’ll need to visit the credit union to open it with a parent or legal guardian.

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How American Southwest Credit Union’s savings accounts compare

Although American Southwest Credit Union’s Share Savings account earns dividends, it’s not competitive compared to those on our list of the best online savings accounts. Sure, it has a very low deposit requirement and no monthly fees, but it offers virtually nothing in the way of additional perks. If you’re not ultimately after one of the credit union’s other products that require you to open this account, we wouldn’t recommend seeking this account alone. The Safari Club is a nice bonus for parents who are members and want to teach their kids about savings, but it also isn’t a must or a reason to seek out American Southwest Credit Union specifically.

American Southwest Credit Union’s CD rates

Term Share Certificates

CDs offering two tier levels with mediocre rates.
TermAPY
6 months1.30% with a minimum deposit of $500; 1.55% with a minimum deposit of $10,000
12 months1.50% with a minimum deposit of $500; 1.75% with a minimum deposit of $10,000
18 months1.60% with a minimum deposit of $500; 1.85% with a minimum deposit of $10,000
24 months1.85% with a minimum deposit of $500; 2.05% with a minimum deposit of $10,000
30 months2.05% with a minimum deposit of $500; 2.25% with a minimum deposit of $10,000
36 months2.20% with a minimum deposit of $500; 2.40% with a minimum deposit of $10,000
48 months2.35% with a minimum deposit of $500; 2.55% with a minimum deposit of $10,000
60 months2.60% with a minimum deposit of $500; 2.80% with a minimum deposit of $10,000
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: It depends on how long the certificate has been opened and the amount that it’s worth. Contact American Southwest Credit Union for specific details.

Aside from the second tier having a high minimum deposit requirement, these are run-of-the-mill CDs. They come in term options ranging from six months to five years, with no monthly service charges and the ability to have their monthly dividends compounded or transferred to one of your share accounts with the credit union.

There is a potential added perk in that American Southwest Credit Union offers the opportunity for relationship pricing, in which you can earn an additional 0.05% APY if you have a checking account with the credit union and have a direct deposit or otherwise regularly recurring deposit set up with it. A credit union representative can provide more information on this potential perk.

How to get American Southwest Credit Union’s CDs

As with American Southwest Credit Union’s other personal accounts, these CDs can be opened online once you’ve verified that you qualify to become a member and open your Share Savings account. You’ll need to be sure you have your Social Security number and government-issued ID on hand to do so.

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How American Southwest Credit Union’s CD rates compare

Despite American Southwest Credit Union boasting of offering competitive rates on its certificates, these CD rates don’t stack up against those on our list of the best CD rates. Not only that, but the minimum deposit amount on the higher tier is astronomical compared to the rate it offers. We say give these CDs a hard pass and take the time to find something that will provide you with a bigger bang for your buck.

American Southwest Credit Union’s money market account option

Money Market

A basic, tiered account offering subpar rates.
APYMinimum Balance to Earn APY
1.05%
$2,000
1.15%
$20,000
1.25%
$50,000
1.40%
$100,000
  • Minimum opening deposit: $2,000
  • Minimum balance to earn APY: $2,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account allows you to earn interest at four tiers. Interest earned with this account comes only from credit union funds. As with all savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six a month.

How to get American Southwest Credit Union’s Money Market account

After establishing membership and opening a Share Savings account, customers can open American Southwest Credit Union’s Money Market account online. You’ll need a valid government-issued ID such as a driver’s license and your Social Security number to do so.

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How American Southwest Credit Union’s money market account compares

Many banks and credit unions these days are offering very low rates on money market accounts, and American Southwest Credit Union is no exception. You can earn about double these rates on some of the accounts on our list of the best money market rates, with virtually the same or better requirements. We’d advise you to strongly consider one of those instead.

American Southwest Credit Union’s IRA options

IRA CD rates

IRA Term Share Certificates

The credit unions CDs, available to open within an IRA.
TermAPY
6 months1.30% with a minimum deposit of $500; 1.55% with a minimum deposit of $10,000
12 months1.50% with a minimum deposit of $500; 1.75% with a minimum deposit of $10,000
18 months1.60% with a minimum deposit of $500; 1.85% with a minimum deposit of $10,000
24 months1.85% with a minimum deposit of $500; 2.05% with a minimum deposit of $10,000
30 months2.05% with a minimum deposit of $500; 2.25% with a minimum deposit of $10,000
36 months2.20% with a minimum deposit of $500; 2.40% with a minimum deposit of $10,000
48 months2.35% with a minimum deposit of $500; 2.55% with a minimum deposit of $10,000
60 months2.60% with a minimum deposit of $500; 2.80% with a minimum deposit of $10,000
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: Varies; see table
  • Early withdrawal penalty: It depends on how long the certificate has been opened and the amount that it’s worth. Contact American Southwest Credit Union for specific details.

These are virtually the same as the Term Share Certificates, just with the ability to open within an IRA. They come in term options ranging from six months to five years, with no monthly service charges and the ability to have their monthly dividends compounded or transferred to one of your share accounts with the credit union. But one bonus is that American Southwest Credit Union offers the opportunity for relationship pricing, in which you can earn an additional 0.05% APY if you have a checking account with the credit union and have a direct deposit or otherwise regularly recurring deposit set up with it. A credit union representative can provide more information on this potential perk.

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How American Southwest Credit Union’s IRA CD rates compare

As with the regular certificates, the rates on American Southwest Credit Union’s IRA CDs don’t compare to those on our list of the best IRA CD rates, even with the potential bonus. When you’re saving for retirement, you want to make sure you’re giving your funds the best possible opportunity to grow. We urge you to do your research to find the best IRA product, which could include one on our list.

Regular IRA Shares

This account can be opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.70%
$50
    Minimum opening deposit: $5

  • Minimum balance to earn APY: $50
  • Annual account maintenance fee: $10
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a basic IRA savings account, which can be opened as a traditional or Roth IRA. It also allows you to earn a bit of interest on all amounts over $50. While it doesn’t have a monthly maintenance fee, there is a $10 annual fee on this account. Like with all savings accounts, this IRA is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six a month.

How to get American Southwest Credit Union’s IRA products

Just like with all of American Southwest Credit Union’s other personal products, you can open one of its IRAs online after becoming a member and opening a Share Savings account. You’ll need to be sure to have your government-issued ID and Social Security number ready to get started.

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Overall review of American Southwest Credit Union’s banking products

Not surprisingly, none of American Southwest Credit Union’s personal banking products is a standout. While any associated fees and requirements are on the low end, the rates don’t come close to many of the better offerings out there. If you’re on the hunt for a product that will help you to grow your funds, take the time to do your research to find the best one to suit your needs. It likely isn’t one offered at American Southwest Credit Union.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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Reviews

Oritani Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1911
Total Assets$4.1B
LEARN MORE Oritani Bank’s secure websiteMember FDIC

Oritani Bank is a community bank headquartered in Washington Township, N.J. The bank was established in 1911 and has since grown to be the 10th-largest bank in New Jersey, with more than 200 employees at 26 locations.

It has branches in Bergen, Essex, Hudson and Passaic counties, with employees who pride themselves on being familiar with the needs of the community members the bank serves.

The bank offers a wide range of checking, savings, money market, CD and IRA account products. We will go through each one to help you determine if it is the right product for you.

Oritani Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Oritani Bank Statement Savings

2.20%

Barclays Online Savings Account

on Barclays’s secure website

Member FDIC

Oritani Bank’s checking account options

TGIF Checking

This basic, no-frills account does not earn interest, but it’s a solid fee-free checking account.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

The selling point for this account is that it is very easy to open and maintain with such a low opening deposit requirement and no monthly fee or minimum balance to maintain. This account also comes with free online and mobile banking, bill pay, a free MasterMoney debit or Oritani Bank ATM card and a free first order of basic checks.

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Choice Plus Checking

A step above the TGIF account, this one allows you to earn a bit of interest on fairly low balances.
APYMinimum Balance to Earn APY
0.20%$1,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account does earn interest on balances of $1,000 or more. While it does have minimal requirements compared to the TGIF account, the $6 monthly service charge is fairly easy to avoid if you have a monthly direct deposit or maintain a $500 minimum balance. This account also offers free online banking and bill pay, along with an Oritani Bank MasterMoney debit card and a free first order of checks. “Bounce protection” is also a possibility, though you’ll have to contact the bank to learn more about what that entails.

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Nifty-Fifty Checking

A checking account for customers 50 and older.
APYMinimum Balance to Earn APY
0.20%$1,000
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account is meant for bank customers who are 50 or older. Like the Choice Plus account, this one earns interest on balances of $1,000 or more. There are no monthly balance requirements, as well as no monthly fee, and this account offers unlimited check-writing. It also offers free online banking and bill pay services, a free 3-inch by 5-inch safety deposit box for the first year (with a 75% discount on other sizes), 50 free printed checks, an Oritani Bank MasterMoney debit card and bounce protection, though you will need to contact the bank about what that entails.

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Optimum Gold Checking

A checking account with a higher opening deposit account and lackluster tiered rates.
APYMinimum Balance to Earn APY
0.20%$1,000
0.20%$5,000
0.30%$10,000
0.40%$25,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $20 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account earns interest at four different tiers. Although the rates aren’t extraordinary, this account does come with a higher opening deposit requirement and a $10,000 minimum monthly balance requirement to avoid a higher-than-average $20 fee. On the plus side, it does come with free transactions at all Oritani Bank ATMs, free FastBanking phone service, free Optimum Gold checks, 50 free printed checks, an Oritani Bank MasterMoney debit card and bounce protection, though you’ll need to call the bank to inquire about what that entails.

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NJ Consumer Checking

The bank’s cheap checking option, with minimal requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account does not earn interest. It’s another no-frills checking account option with a low opening deposit requirement, and then no balance requirement after that first minimum deposit. You can write up to eight checks a month for a fee of $3. You also get 50 free printed checks.

How to get Oritani Bank’s checking accounts

If you are a resident of New Jersey, you can open any of the above checking accounts at a branch. You’ll need to come with your government-issued ID, Social Security number and address.

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How Oritani Bank’s checking accounts compare

While most of Oritani Bank’s checking accounts come with low or no monthly fees and balance requirements, the interest rates on the accounts that offer it don’t stack up to the rates on our list of the best online checking accounts. Not only that, but the fact that you can only open an account in person could be an inconvenience if you don’t live near one of its branches. We say consider one of the accounts on our list instead.

Oritani Bank’s savings account options

Platinum Savings

This account offers an OK rate for a fairly high minimum balance requirement.
APYMinimum Balance to Earn APY
2.00%$10,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account is advertised as the bank’s “preferred rate consumer Statement Savings account.” Although it comes with a low opening deposit, the minimum to earn interest is pretty high in comparison. Interest on this account is accrued daily and paid out monthly. This account also comes with online banking services and can be linked to an Oritani Bank checking account. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six a month.

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Passbook Savings

This savings account comes with easier-to-meet requirements.
APYMinimum Balance to Earn APY
0.25%$100
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account also requires a very low opening deposit. But the minimum balance to earn the APY is also low at $100. This account accrues interest daily and pays it out monthly. It is not eligible for electronic transactions. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

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Statement Savings

The bank’s basic savings account.
APYMinimum Balance to Earn APY
0.25%$250
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account also comes with the same $1 minimum opening deposit as many of the bank’s other accounts. The minimum balance requirement to earn the rate is fairly low, too. This account accrues interest daily and pays it out monthly. You can access the account via online banking, and you can link it to an Oritani Bank checking account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

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Super Passbook Savings

This account offers the same rate as the regular Passbook Savings, though the balance required to earn it is higher.
APYMinimum Balance to Earn APY
0.25%$250
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account claims to be an upgrade from the regular Passbook Savings account, but the rate begs to differ, as it is the same. But as we mentioned before, the balance required to earn it is slightly higher. This account accrues interest daily and pays it monthly. It is not eligible for electronic transactions. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

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Super Saver Plus

Once linked to any active Oritani Bank checking account, this account can earn tiered rates depending on your daily balance.
APYMinimum Balance to Earn APY
0.15%$250
0.20%$5,000
0.25%$10,000
0.25%$25,000
  • Minimum opening deposit: $250
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account must be linked to an active Oritani Bank checking account. From there, you can earn one of four tiered interest rate levels. Interest is accrued daily and paid monthly on this account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain transactions up to six a month.

How to get Oritani Bank’s savings accounts

Like with the bank’s other personal accounts, these savings accounts must be opened in person if you meet the requirement of being a resident of New Jersey. Be sure to come with your government-issued ID, Social Security number and address.

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How Oritani Bank’s savings accounts compare

While the Platinum Savings account’s rate is on par with some of the accounts on our list of the best online savings accounts, none of the others are. Not only that, but on that specific account, you need to maintain a pretty steep balance to earn that rate. This — along with the fact that you can’t open any of these accounts online — would lead us to say that you should continue to shop around or consider one of our recommended products.

Oritani Bank’s CD rates

Standard Certificates of Deposit

The bank’s regular CDs, with a minimum deposit of $1,000.
TermAPY
3 months0.25%
6 months0.50%
12-15 months0.90%
18 months1.00%
19-24 months1.25%
30 months0.90%
36 months1.25%
48 months1.50%
60 months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

These CDs are pretty standard as far as the minimum deposit requirements and early withdrawal penalties go. Interest on these accounts is compounded daily and credited monthly. The rates are fixed until the maturity date, at which point the interest may remain in the account, be automatically withdrawn by check or transferred to another Oritani Bank account. These certificates will automatically renew for the same term length upon maturity.

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Promo CDs, Loyalty CDs

The bank’s promotional CDs, with an opening deposit of $1,000.
TermAPY
6 month Promo CD1.75%
6 month Loyalty CD2.00%
12 month Promo CD2.25%
12 month Loyalty CD2.50%
15 month Promo CD2.50%
24 month Promo CD2.40%
24 month Loyalty CD2.65%
60 month Promo CD2.50%
60 month Loyalty CD2.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

These are Oritani Bank’s promotional CDs, which are offered from time to time for various terms. These will automatically renew at a traditional term that is determined at the time the account is opened at maturity. There is a seven-day grace period following maturity during which principal may be added to or withdrawn without penalty.

How to get Oritani Bank’s CDs

Oritani Bank’s CDs are the lone product that is open to anyone, even if they don’t live in New Jersey. But you still have to visit a branch to open one either way, so that’s likely not a win for potential out-of-state customers.

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How Oritani Bank’s CD rates compare

Although the bank claims its CD rates are competitive, only the promotional rates prove to be on par with the accounts on our list of the best CD rates. If there’s one product to go for at Oritani Bank, it’s these CDs. Get one while you can if it’s convenient for you to visit a bank branch in person and you’ve done your research to know this is the best product available to you.

Oritani Bank’s money market account options

Money Market

Oritani Bank’s basic money market account, offering three tiers.
APYMinimum Balance to Earn APY
0.20%$1,000
0.20%$5,000
0.30%$10,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

Oritani Bank’s money market accounts can be opened with a fairly low deposit, though the $10 monthly fee is only waivable if a minimum $1,000 balance is maintained. It comes with a free first order of Money Market checks, an Oritani Bank ATM card or MasterMoney debit card with no monthly charges, online banking and bill pay services, FastBanking phone service, statements with check images online or by mail, automatic transfers to other Oritani Bank accounts, direct deposit capability and bounce protection (though you’ll need to contact the bank about what that protection entails). This account allows for unlimited deposits and in-person withdrawals. But as a savings account, it is subject to Federal Reserve Regulation D, which limits pre-authorized withdrawals and transfers up to six a month.

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Diamond Money Market

This money market account offers a higher rate than the regular account.
APYMinimum Balance to Earn APY
1.05%$0.01
0.45%$250,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

Like with the regular Money Market account, this account can be opened with a fairly low deposit, though the monthly $10 fee is only waivable if a $1,000 average balance is maintained. Offering a higher rate at two tiers, the Diamond Money Market account also comes with a free first order of Money Market checks, an Oritani Bank ATM card or MasterMoney debit card with no monthly charges, online banking and bill pay services, FastBanking phone service, statements with check images online or by mail, automatic transfers to other Oritani Bank accounts, direct deposit capability and bounce protection (though you’ll need to contact the bank about what that protection entails). This account allows for unlimited deposits and in-person withdrawals. Keep in mind, though, that as a savings account, this one is subject to Federal Reserve Regulation D, which limits pre-authorized withdrawals and transfers up to six a month.

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Premier Money Market account

The bank’s “premier” money market account doesn’t live up to its name as far as the rates are concerned.
APYMinimum Balance to Earn APY
1.50%$0.01
0.45%$250,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None at Oritani Bank or Allpoint ATMs; 50 cents to $2 on outside ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This account requires a higher opening deposit of $10,000, though the monthly $10 fee is only waivable if that $10,000 balance is maintained. It also offers a slightly higher rate at the first tier than with the Diamond Money Market account. The Premier Money Market account comes with the same account features as the Money Market and Diamond Money Market accounts. But as with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits pre-authorized withdrawals and transfers up to six a month.

How to get Oritani Bank’s money market accounts

Like all of Oritani Bank’s personal banking products, its money market accounts must be opened at a branch. You must also be a New Jersey resident to open these accounts. Be sure to come with your government-issued ID, Social Security number and address.

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How Oritani Bank’s money market accounts compare

As far as rates are concerned, none of Oritani Bank’s money market accounts stack up against the competing accounts on our list of the best money market account rates. Not only that, but a few of the tier levels require an astronomical balance to even earn these subpar rates. Add to that the fact that you have to open these in person, and we say give these money market accounts a hard pass.

Oritani Bank’s IRA options

IRA CD rates

IRA Standard Certificates

Oritani Bank’s regular CDs available to open within an IRA, with a $1,000 opening deposit.
TermAPY
3 months0.25%
6 months0.50%
12-15 months0.90%
18 months1.00%
19-24 months1.25%
30 months0.90%
36 months1.25%
48 months1.50%
60 months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

These are Oritani Bank’s CDs opened within an IRA. They, too, are pretty standard as far as the minimum deposit requirements and early withdrawal penalties go. Interest on these accounts is compounded daily and credited monthly. The IRA CD rates are fixed until the maturity date, at which point the interest may remain in the account, be automatically withdrawn by check or transferred to another Oritani Bank account. Like with the regular CDs, these certificates will automatically renew for the same term length upon maturity.

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Promo IRA CDs, Loyalty IRA CDs

The bank’s promotional IRA CDs, with a $1,000 opening deposit.
TermAPY
6 month Promo CD1.75%
6 month Loyalty CD2.00%
12 month Promo CD2.25%
12 month Loyalty CD2.50%
15 month Promo CD2.50%
24 month Promo CD2.40%
24 month Loyalty CD2.65%
60 month Promo CD2.50%
60 month Loyalty CD2.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: On CDs of less than 12 months, the penalty is three months worth of interest at the rate it is earning; on CDs 12 months and longer, it’s six months worth of interest at the rate it is earning

Oritani Bank’s promotional certificates of deposit extend to its IRA CDs, which are also offered from time to time for various terms. Like with the regular ones, these will automatically renew at a traditional term that is determined at the time the account is opened at maturity. There is a seven-day grace period after maturity during which principal may be added to or withdrawn without penalty.

How to get Oritani Bank’s IRA CDs

Although these IRA CDs are available to anyone even if they live outside of New Jersey, you still have to visit a branch to open one. To do so, you’ll need to come with your government-issued ID, Social Security number and address.

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How Oritani Bank’s IRA CD rates compare

Like with the regular CD products, Oritani Bank’s standard IRA CDs don’t compare to those on our list of the best IRA CD rates. But its promotional rates do, so if this bank is a convenient option for you (convenient enough that you can visit a branch to open an account, anyway), there’s no reason to not at least consider one of these products when doing your research.

IRA Savings

This account can be opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.25%$250
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This IRA Savings account can be opened as a traditional or Roth IRA. If you go the traditional route, some or all of your contributions may be tax deductible, which is dependent on your adjusted gross income. The interest can grow tax-deferred until you decide to withdraw it. If you open it as a Roth IRA, your interest can grow tax-free when withdrawn as a qualified distribution, though your contributions are not tax deductible. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals up to six a month. This account may also be subject to an additional early withdrawal penalty by the IRS if you withdraw funds before age 59½.

How to get Oritani Bank’s IRA savings account

As with all of Oritani Bank’s deposit accounts, you must open the IRA Savings account in person if you qualify to do so by being a resident of New Jersey. Be sure to come with your government-issued ID, Social Security number and address.

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Overall review of Oritani Bank’s banking products

When you look at the rates across the board for Oritani Bank’s personal banking products, none of them is anything to get excited about, save for its promotional CDs and IRA CDs, which you can open even if you’re not a New Jersey resident. But for those, like with all its personal banking products, you have to open them at a branch, which is sure to be a huge inconvenience for those who don’t live near one. If this alone causes you to give the bank a general pass, we can’t say we blame you.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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