Guarantees and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Contract or Notional Amounts of Unfunded Commitments to Extend Credit

The contract or notional amounts of unfunded commitments to extend credit at December 31, 2020, excluding those commitments considered derivatives, were as follows:

	Term
(Dollars in Millions)	Less Than One Year		Greater Than One Year		Total
Commercial and commercial real estate loans	$	43,642	$	110,382	$	154,024
Corporate and purchasing card loans(a)		29,541		–		29,541
Residential mortgages		319		1		320
Retail credit card loans(a)		117,827		–		117,827
Other retail loans		12,980		22,998		35,978
Other		6,486		10		6,496

(a) Primarily cancelable at the Company’s discretion.

Summary of Other Guarantees and Contingent Liabilities

The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2020:

(Dollars in Millions)	Collateral Held		Carrying Amount		Maximum Potential Future Payments
Standby letters of credit	$	–	$	70	$	9,789
Third party borrowing arrangements		–		–		2
Securities lending indemnifications		6,461		–		6,298
Asset sales		–		80		6,165
Merchant processing		579		211		89,352
Tender option bond program guarantee		2,374		–		2,036
Other		–		71		1,292

Contract or Notional Amount of Letters of Credit

The contract or notional amount of letters of credit at December 31, 2020, were as follows:

	Term
(Dollars in Millions)	Less Than One Year		Greater Than One Year		Total
Standby	$	4,526	$	5,263	$	9,789
Commercial		536		30		566