Customer Deposits

12 Months Ended

Dec. 31, 2023

Customer deposits consisted of the following:


	December 31,
	2023		2022
	(in millions)
Fixed rate certificates	$	13,284	$	9,080
Other	151		221




Total investment certificate reserves	13,435		9,301

Interest bearing checking	1,258		1,117
Money market	19,940		17,189
Savings	301		—
Brokerage deposits	2,387		3,168
Total banking and brokerage deposits	23,886		21,474

Total	$	37,321	$	30,775

Investment Certificates

The Company offers fixed rate investment certificates primarily in amounts ranging from $1 thousand to $2 million with interest crediting rate terms ranging from 3 to 36 months. Investment certificates may be purchased either with a lump sum payment or installment payments. Certificate owners are entitled to receive a fixed sum at either maturity or upon demand depending on the type of certificate. Payments from certificate owners are credited to investment certificate reserves, which generally accumulate interest at specified percentage rates. Certain investment certificates allow for a surrender charge on premature surrenders. Reserves for certificates that do not allow for a surrender charge were $1.5 billion and $2.2 billion as of December 31, 2023 and 2022, respectively. The Company generally invests the proceeds from investment certificates in fixed and variable rate securities. The interest paid to certificate owners is included in Banking and deposit interest expense.

Banking and Brokerage Deposits

Banking and brokerage deposits are amounts payable to customers related to funds deposited by customers in checking and savings, brokerage sweep balances, free credit balances, and funds accruing to customers as a result of trades or contracts. Money market deposits represent brokerage sweep for client balances held at Ameriprise Bank. Brokerage deposits primarily represent our client’s free credit balances. The Company pays interest on certain customer deposit balances and the interest is included in Banking and deposit interest expense.