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Deposits | 9 Months Ended
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Sep. 30, 2018
Banking and Thrift [Abstract] |
Deposits |
8. | Deposits
WEX Bank has issued certificates of deposit with maturities ranging from three months to five years, with interest rates ranging from 1.30% to 3.45% as of September 30, 2018. As of December 31, 2017, certificates of deposit had maturities up to three years, with interest rates ranging from 1.00% to 2.15%. WEX Bank may issue brokered deposits, subject to FDIC rules governing minimum financial ratios, which include risk-based asset and capital requirements. As of September 30, 2018, all brokered deposits were in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. The Company requires deposits from certain customers as collateral for credit that has been extended. These deposits are generally non-interest bearing. Interest-bearing brokered money market deposits are issued in denominations of $250 thousand 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 Money market deposits may be withdrawn by the holder at any time, although notification may be required and the monthly number of transactions is limited. Interest-bearing brokered money market deposits and customer deposits are classified as short-term deposits on our unaudited condensed consolidated balance sheets. The following table presents the composition of deposits:
(In thousands) | September 30, 2018 |  | December 31, 2017
Interest-bearing brokered money market deposits | $ | 238,382 |  |  | $ | 285,899 |
Customer deposits | 108,800 |  |  | 70,211 |
Certificates of deposit with maturities within 1 year (a) | 530,889 |  |  | 630,879 |
Short-term deposits | 878,071 |  |  | 986,989 |
Certificates of deposit with maturities greater than 1 year and less than 5 years (a) | 386,770 |  |  | 306,865 |
Total deposits | $ | 1,264,841 |  |  | $ | 1,293,854 |
Weighted average cost of funds on certificates of deposit outstanding | 2.16 | % |  | 1.51 | %
Weighted average cost of interest-bearing brokered money market deposits | 2.24 | % |  | 1.49 | %
(a) Certificates of deposit are classified as short-term or long-term within our unaudited condensed consolidated balance sheets based on maturity date. Sources of Funds WEX Bank participates in the ICS service offered by Promontory Interfinancial Network, which allows WEX Bank to purchase brokered money market demand accounts and demand deposit accounts in an amount not to exceed $125.0 million as part of a one-way buy program. At both September 30, 2018 and December 31, 2017, there was no outstanding balance for ICS purchases.

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