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That banging noise means that the piston pin inside the compressor has broken and the piston is banging around inside the outer shell of the compressor. The compressor is sealed so it's not something you can fix easily I'm afraid. I've seen compressors last years in this condition and the only problem is the noise annoyance. Eventually the piston will jam and stop working, but again it can still last you 5-10 years with nothing more than a noise annoyance. The only way to fix the problem is to replace the entire compressor which is about $650. I'm very sorry about the bad news.
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