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Deposits (Notes)

12 Months Ended

Dec. 31, 2019

7. DEPOSITS

The table below summarizes deposits by type:



	December 31,
	2019		2018
	(in thousands)
Non-interest-bearing demand deposits	$	8,537,905	$	7,456,141
Interest-bearing transaction accounts	2,760,865		2,555,609
Savings and money market accounts	9,120,747		7,330,709
Time certificates of deposit ($250,000 or more)	1,426,133		1,009,900
Other time deposits	950,843		825,088
Total deposits	$	22,796,493	$	19,177,447

The summary of the contractual maturities for all time deposits as of December 31, 2019 is as follows:



	December 31,
	(in thousands)
2020	$	2,259,182
2021	105,237
2022	7,953
2023	3,502
2024	1,102
Total	$	2,376,976

WAB is a participant in the Promontory Interfinancial Network, a network that offers deposit placement services such as CDARS and ICS, which offer products that qualify large deposits for FDIC insurance. Federal banking law and regulation places restrictions on depository institutions regarding brokered deposits because of the general concern that these deposits are not relationship-based and are at a greater risk of being withdrawn, thus posing liquidity risk for institutions that gather brokered deposits in significant amounts. At December 31, 2019 and 2018, the Company had $407.7 million and $322.9 million, respectively, of reciprocal CDARS deposits and $661.8 million and $706.9 million, respectively, of ICS deposits. At December 31, 2019 and 2018, the Company had $1.1 billion and $718.2 million, respectively, of wholesale brokered deposits. In addition, non-interest-bearing deposits for which the Company provides account holders with earnings credits or referral fees totaled $3.1 billion and $2.3 billion at December 31, 2019 and 2018, respectively. The Company incurred $30.5 million and $18.0 million in deposit related costs on these deposits during the years ended December 31, 2019 and 2018, respectively.