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Deposits | 6 Months Ended
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Jun. 30, 2019
Banking and Thrift [Abstract] |
Deposits |
8. | Deposits
WEX Bank’s regulatory status enables it to raise capital to fund the Company’s working capital requirements by issuing deposits, subject to FDIC rules governing minimum financial ratios. See Note 18, Supplementary Regulatory Capital Disclosure, for further information concerning these FDIC requirements. WEX Bank accepts its deposits through: (i) certain customers as required collateral for credit that has been extended (“customer deposits”); (ii) contractual arrangements with brokerage firms for both certificate of deposit and money market deposit products (“brokered deposits”); and (iii) a listing service that provides certificates of deposit (“institutional deposits”). Customer deposits are generally non-interest bearing, while brokered deposits are issued at variable rates based on LIBOR or the Federal Funds rate and institutional deposits contain varying terms. The following table presents the composition of deposits, which are classified based on their contractual maturities:
(In thousands) | June 30, 2019 |  | December 31, 2018
Interest-bearing brokered money market deposits(a) | $ | 191,625 |  |  | $ | 283,790 |
Customer deposits | 119,243 |  |  | 138,072 |
Certificates of deposit with maturities within 1 year(a)(b) | 776,927 |  |  | 505,582 |
Short-term deposits | 1,087,795 |  |  | 927,444 |
Certificates of deposit with maturities greater than 1 year and less than 5 years(a) | 500,555 |  |  | 345,231 |
Total deposits | $ | 1,588,350 |  |  | $ | 1,272,675 |
Weighted average cost of funds on certificates of deposit outstanding | 2.51 | % |  | 2.36 | %
Weighted average cost of interest-bearing brokered money market deposits | 2.54 | % |  | 2.49 | %
(a) As of June 30, 2019, all brokered deposits were in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. (b) Original maturities range from 6 months to 5 years, with interest rates ranging from 1.30 percent to 3.52 percent as of both June 30, 2019 and December 31, 2018. In accordance with regulatory requirements, WEX Bank maintains reserves against a portion of its outstanding customer deposits by keeping balances with the Federal Reserve Bank. The required reserve was $9.4 million and $11.1 million at June 30, 2019 and December 31, 2018, respectively. ICS Purchases From time to time, WEX Bank utilizes alternative funding sources such as Promontory Interfinancial Network, LLC’s ICS service, which provides for one-way buy transactions among banks for the purposes of purchasing cost-effective variable-rate funding without collateralization. WEX Bank may purchase brokered money market demand accounts and demand deposit accounts in amounts not to exceed $125.0 million through this service. There were no outstanding balances for ICS purchases at June 30, 2019 and December 31, 2018.

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