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Deposits, Borrowed Federal Funds and Other Debt
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Dec. 31, 2014
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| Deposits, Borrowed Federal Funds and Other Debt | Deposits, Borrowed Federal Funds and Other Debt The following table presents information about deposits:
WEX Bank has issued certificates of deposit in various maturities ranging between 2 months and 2 years and with interest rates ranging from 0.35 percent to 1.05 percent as of December 31, 2014. WEX Bank may issue certificates of deposit without limitation on the balance outstanding. WEX Bank must maintain minimum financial ratios, which include risk-based asset and capital requirements, as prescribed by the FDIC. As of December 31, 2014, certificates of deposit were in denominations of $250 or less. The Company requires non-interest bearing deposits for certain customers as collateral for credit that has been extended. The Company also had federal funds lines of credit totaling $125,000 at December 31, 2014 and December 31, 2013. There were no borrowings against these lines of credit at December 31, 2014 and December 31, 2013. Interest-bearing money market deposits are issued in denominations of $250 or less, and pay interest at variable rates based on LIBOR or the Federal Funds rate. Money market deposits may be withdrawn by the holder at any time, although notification may be required and the monthly number of transactions is limited. As of December 31, 2014, the weighted average interest rate on interest-bearing money market deposits was 0.25 percent. On January 11, 2012, the Company entered into an agreement with Higher One to offer negotiable order of withdrawal (“NOW”) accounts to a portion of Higher One’s customers. Higher One will provide processing and other administrative services while the Company, through its bank subsidiary WEX Bank, will establish and maintain the NOW accounts. During 2014 and 2013, the Company received non-interest bearing NOW account deposits. As of December 31, 2014, the Company has $314,576 of non-interest bearing NOW account deposits outstanding. Other debt UNIK debt UNIK had approximately $7,975 of debt as of December 31, 2014, and $7,278 of debt as of December 31, 2013. UNIK's debt is comprised of various credit facilities held in Brazil, with various maturity dates. The weighted average annual interest rate was 13.9 percent as of December 31, 2014, and 15.8 percent as of December 31, 2013. This debt is classified in Other debt on the Company’s consolidated balance sheets for the periods presented. Participation debt During the second quarter of 2014, WEX Bank entered into an agreement with a third party bank to fund a customer balance that exceeds the WEX Bank lending limit. This borrowing carries a variable interest rate of 3-month LIBOR plus a margin of 2.25 percent. The balance of the debt as of December 31, 2014, was $45,000, which is secured by an interest in the underlying customer receivable. The participation debt balance will fluctuate on a daily basis based on customer funding needs, and will range from $0 to $45,000. The participation debt agreement will mature on April 1, 2016. This debt is classified in Other debt on the Company’s consolidated balance sheets for the periods presented. The following table presents the average interest rates for deposits, borrowed federal funds and other debt:
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