Deposits

The following table summarizes total deposits at September 30, 2016 and December 31, 2015.



	September 30,		December 31,
	2016		2015
Deposits - interest bearing	$	12,941,020	$	11,487,006
Deposits - non-interest bearing	325		701
Total deposits	$	12,941,345	$	11,487,707

Interest Bearing

Interest bearing deposits as of September 30, 2016 and December 31, 2015 consisted of retail non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”) and brokered and retail certificates of deposit (“CDs”). Included in these accounts are what we consider to be core deposits from various sources. Our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $2.6 million and $2.7 million in the three months ended September 30, 2016 and 2015, respectively, and placement fee expense of $7.8 million and $8.0 million in the nine months ended September 30, 2016 and 2015, respectively. Fees paid to third-party brokers related to brokered CDs were $1.1 million and $0.5 million for the three months ended September 30, 2016 and 2015, respectively, and $4.0 million and $0.5 million for the nine months ended September 30, 2016 and 2015, respectively.

Interest bearing deposits at September 30, 2016 and December 31, 2015 are summarized as follows:



	September 30, 2016				December 31, 2015
	Amount		Qtr.-End Weighted Average Stated Rate⁽¹⁾		Amount		Year-End Weighted Average Stated Rate⁽¹⁾

Money market	$	5,859,986	1.20	%	$	4,886,299	1.19	%
Savings	660,099		0.82		669,254		0.82
Certificates of deposit	6,420,935		1.24		5,931,453		0.98
Deposits - interest bearing	$	12,941,020			$	11,487,006

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⁽¹⁾ Includes the effect of interest rate swaps in effective hedge relationships.

As of September 30, 2016 and December 31, 2015, there were $363.2 million and $709.9 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $24.9 million and $15.7 million at September 30, 2016 and December 31, 2015, respectively.

Non-Interest Bearing

Non-interest bearing deposits were $0.3 million and $0.7 million as of September 30, 2016 and December 31, 2015, respectively. For both periods, these were comprised of money market accounts related to our Employee Stock Purchase Plan account.