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Deposits | 6 Months Ended
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Jun. 30, 2024
Banking and Thrift, Interest [Abstract] |
Deposits |
9. | 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 certain customers as required collateral for credit that has been extended (“customer deposits”) and contractual arrangements for brokered and non-brokered certificate of deposit and money market deposit products. Additionally, WEX Bank holds deposits for the benefit of WEX Inc.’s HSA customers subject to the terms of a deposit agreement. Customer deposits are generally non-interest bearing, certificates of deposit are issued at fixed rates, money market deposits are issued at both fixed and variable interest rates based on the Federal Funds rate and HSA deposits are issued at rates as defined within the consumer account agreements. The following table presents the composition of deposits, which are classified as short-term or long-term based on their contractual maturities:
(in millions) | June 30, 2024 |  | December 31, 2023
Customer deposits | $ | 259.7 |  |  | $ | 195.9 |
Contractual deposits with maturities within 1 year(1),(2) | 487.6 |  |  | 500.8 |
Interest-bearing money market deposits 1 | 271.5 |  |  | 226.0 |
HSA deposits(3) | 3,270.0 |  |  | 3,020.0 |
Short-term deposits | $ | 4,288.8 |  |  | $ | 3,942.8 |
Contractual deposits with maturities greater than 1 year(1),(2) | — |  |  | 129.8 |
Total deposits | $ | 4,288.8 |  |  | $ | 4,072.6 |
Weighted average cost of HSA deposits outstanding | 0.11 | % |  | 0.11 | %
Weighted average cost of funds on contractual deposits outstanding | 3.98 | % |  | 3.53 | %
Weighted average cost of interest-bearing money market deposits outstanding | 5.48 | % |  | 5.47 | %
(1)As of June 30, 2024 and December 31, 2023, all certificates of deposit and money market deposits were in denominations of $250,000 or less, corresponding to FDIC deposit insurance limits. (2)Includes certificates of deposit and certain money market deposits, which have a fixed maturity and substantially fixed interest rates. (3)HSA deposits are recorded within short-term deposits on the condensed consolidated balance sheets as the funds can be withdrawn by the account holders at any time.

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478353/942-405-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(12)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph e -Publisher SEC Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC + Details
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