Deposits

9 Months Ended

Sep. 30, 2020

Banking and Thrift, Other Disclosures [Abstract]

The following table summarizes total deposits at September 30, 2020 and December 31, 2019.


	September 30,		December 31,
	2020		2019
Deposits - interest bearing	$	23,109,438	$	24,282,906
Deposits - non-interest bearing	485		1,077
Total deposits	$	23,109,923	$	24,283,983

Our total deposits of $23.1 billion were comprised of $12.1 billion in brokered deposits and $11.0 billion in retail and other deposits at September 30, 2020, compared to total deposits of $24.3 billion, which were comprised of $13.8 billion in brokered deposits and $10.5 billion in retail and other deposits, at December 31, 2019.

Interest bearing deposits as of September 30, 2020 and December 31, 2019 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”), and retail and brokered certificates of deposit (“CDs”). Interest bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and additional deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.1 billion and $6.8 billion of our deposit total as of September 30, 2020 and December 31, 2019, respectively.

Some of 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 $5 million and $4 million in the three months ended September 30, 2020 and 2019, respectively, and placement fee expense of $15 million and $12 million in the nine months ended September 30, 2020 and 2019, respectively. Fees paid to third-party brokers related to brokered CDs were $2 million and $5 million for the three months ended September 30, 2020 and 2019, respectively, and fees paid to third-party brokers related to brokered CDs were $5 million and $20 million for the nine months ended September 30, 2020 and 2019, respectively.

Interest bearing deposits at September 30, 2020 and December 31, 2019 are summarized as follows:


	September 30, 2020						December 31, 2019
	Amount		Qtr.-End Weighted Average Stated Rate⁽¹⁾		Amount		Year-End Weighted Average Stated Rate⁽¹⁾

Money market	$	10,003,940	0.90	%	$	9,616,547	2.04	%
Savings	866,611		0.69		718,616		1.71
Certificates of deposit	12,238,887		1.41		13,947,743		2.44
Deposits - interest bearing	$	23,109,438			$	24,282,906

____________

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

As of September 30, 2020, and December 31, 2019, there were $681 million and $963 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $64 million and $68 million at September 30, 2020 and December 31, 2019, respectively.