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It's basically the expiration date on the cookie that keeps you logged in. Very common on forums and the like, and some even let you select how long you want the session to last.
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I've never seen one that actually works. It seems like whether or not I check them, the next time I log into [every site] I have to re log in.
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Really? I don't think I've ever seen one that doesn't work. What sites are you using where you encounter this? Have you checked your cookie settings?
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Seconded. Your browser is probably set to clear cookies on close.
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