5. COMMISSIONS AND FEES

The table below sets forth Citigroup's Commissions and fees revenue for the three and nine months ended September 30, 2013 and 2012, respectively. The primary components of Commissions and fees revenue for the three and nine months ended September 30, 2013 were credit card and bank card fees, investment banking fees, trading-related fees and Transaction Services.

Credit card and bank card fees are primarily composed of interchange revenue and certain card fees, including annual fees, reduced by reward program costs and certain partner payments. Interchange revenue and fees are recognized when earned, except for annual card fees, which are deferred and amortized on a straight-line basis over a 12-month period. Reward costs are recognized when points are earned by the customers.

Investment banking fees are substantially composed of underwriting and advisory revenues. Investment banking fees are recognized when Citigroup's performance under the terms of the contractual arrangements is completed, which is typically at the closing of the transaction. Underwriting revenue is recorded in Commissions and fees, net of both reimbursable and non-reimbursable expenses, consistent with the AICPA Audit and Accounting Guide for Brokers and Dealers in Securities (codified in ASC 940-605-05-1). Expenses associated with advisory transactions are recorded in Other operating expenses, net of client reimbursements. Out-of-pocket expenses are deferred and recognized at the time the related revenue is recognized. In general, expenses incurred related to investment banking transactions that fail to close (are not consummated) are recorded gross in Other operating expenses.

Trading-related fees primarily include commissions and fees from the following: executing transactions for clients on exchanges and over-the-counter markets; sale of mutual funds, insurance and other annuity products; and assisting clients in clearing transactions, providing brokerage services and other such activities. Trading-related fees are recognized when earned in Commissions and fees. Gains or losses, if any, on these transactions are included in Principal transactions (see Note 6 to the Consolidated Financial Statements).

The following table presents Commissions and fees revenue for the three and nine months ended September 30:

	Three Months Ended September 30,				Nine Months Ended September 30,

*In millions of dollars*	2013		2012		2013		2012
Credit cards and bank cards	$	609	$	705	$	1,865	$	2,051
Investment banking		712		822		2,481		2,128
Trading-related		603		535		1,962		1,695
Transaction services		462		426		1,381		1,313
Other Consumer(1)		208		241		666		680
Checking-related		132		150		410		464
Loan servicing		136		108		388		209
Corporate finance(2)		124		136		415		379
Other		109		135		350		458

Total commissions and fees	$	3,095	$	3,258	$	9,918	$	9,377

(1): Primarily consists of fees for investment fund administration and management, third-party collections, commercial demand deposit accounts and certain credit card services.
(2): Consists primarily of fees earned from structuring and underwriting loan syndications.