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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Short-Term Borrowings
19. Short-Term Borrowings
Selected financial information pertaining to the components of our short-term borrowings is as follows:
December 31,   
Dollars in millions202320222021
FEDERAL FUNDS PURCHASED
Balance at year end$— $4,006 $— 
Average during the year1,098 1,490 — 
Maximum month-end balance3,020 5,872 — 
Weighted-average rate during the year 4.83 %2.04 %— %
Weighted-average rate at December 31 — 4.18 — 
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end$38 $71 $173 
Average during the year549 617 239 
Maximum month-end balance1,954 1,090 281 
Weighted-average rate during the year 4.77 %1.66 %.02 %
Weighted-average rate at December 311.63 3.74 .01 
OTHER SHORT-TERM BORROWINGS
Balance at year end$3,053 $5,386 $588 
Average during the year5,890 2,963 770 
Maximum month-end balance1,061 11,372 897 
Weighted-average rate during the year 5.24 %1.82 %1.08 %
Weighted-average rate at December 315.58 .50 1.97 

As described below and in Note 20 (“Long-Term Debt”), KeyCorp and KeyBank have a number of programs and facilities that support our short-term financing needs. Certain subsidiaries maintain credit facilities with third parties, which provide alternative sources of funding. KeyCorp is the guarantor of some of the third-party facilities.
Short-term credit facilities. We maintain cash on deposit in our Federal Reserve account, which can reduce our need to obtain funds through various short-term unsecured money market products. This account, which was
maintained at $10.7 billion at December 31, 2023, and the unpledged securities in our investment portfolio provide a buffer to address unexpected short-term liquidity needs. We also have secured borrowing facilities at the FHLB and the Federal Reserve Bank of Cleveland to satisfy short-term liquidity requirements. As of December 31, 2023, our unused secured borrowing capacity was $54.7 billion at the Federal Reserve Bank of Cleveland and $13.6 billion at the FHLB.