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Deposits | 9 Months Ended
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Sep. 30, 2021
Banking and Thrift, Interest [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”) and (ii) contractual arrangements for brokered and non-brokered certificate of deposit and money market deposit products. Customer deposits are generally non-interest bearing, certificates of deposit are issued at fixed rates and money market deposits are issued at both fixed and variable interest rates based on LIBOR or the Federal Funds rate. The following table presents the composition of deposits, which are classified as short-term or long-term based on their contractual maturities:
(In thousands) | September 30, 2021 |  | December 31, 2020
Interest-bearing money market deposits 1 | $ | 313,000 |  |  | $ | 439,894 |
Customer deposits | 122,814 |  |  | 116,694 |
Contractual deposits with maturities within 1 year 1,2,3 | 580,513 |  |  | 354,807 |
Short-term deposits | 1,016,327 |  |  | 911,395 |
Contractual deposits with maturities greater than 1 year and less than 5 years 1,2,3 | 600,496 |  |  | 148,591 |
Total deposits | $ | 1,616,823 |  |  | $ | 1,059,986 |
Weighted average cost of funds on contractual deposits outstanding | 0.52 | % |  | 1.81 | %
Weighted average cost of interest-bearing money market deposits | 0.23 | % |  | 0.27 | %
1 As of September 30, 2021 and December 31, 2020, all certificates of deposit and money market deposits were in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. 2 Original maturities range from 9 months to 5 years, with coupon interest rates ranging from 0.12 percent to 3.52 percent as of September 30, 2021. At December 31, 2020, original maturities ranged from 1 year to 5 years with coupon interest rates ranging from 1.35 percent to 3.52 percent. 3 Includes certificates of deposit and certain money market deposits, which have a fixed maturity and interest rate. In accordance with regulatory requirements, WEX Bank normally maintains reserves against a portion of its outstanding customer deposits by keeping balances with the Federal Reserve Bank, however, due to temporarily relaxed Federal Reserve requirements enacted in response to the COVID-19 pandemic, there was no required reserve at September 30, 2021 and December 31, 2020. ICS Purchases From time to time, WEX Bank utilizes alternative funding sources such as IntraFi Network LLC’s (formerly Promontory Interfinancial Network, LLC) 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 September 30, 2021 and December 31, 2020.

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