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Deposits and Borrowings
 9 Months Ended
Sep. 30, 2020
Deposits and Borrowings [Abstract]  
Deposits and Borrowings
NOTE 7—DEPOSITS AND BORROWINGS
Our deposits represent our largest source of funding for our assets and operations, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. In addition, we utilize FHLB advances, which are secured by certain portions of our loan and investment securities portfolios. Securitized debt obligations are presented separately on our consolidated balance sheets, as they represent obligations of consolidated securitization trusts, while federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets.
Our total short-term borrowings generally consist of federal funds purchased and securities loaned or sold under agreements to repurchase and short-term FHLB advances. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of September 30, 2020 and December 31, 2019. The carrying value presented below for these borrowings includes unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments.
Table 7.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt
(Dollars in millions)September 30, 2020December 31, 2019
Deposits:
Non-interest-bearing deposits$29,633 $23,488 
Interest-bearing deposits(1)
276,092 239,209 
Total deposits$305,725 $262,697 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase$702 $314 
FHLB advances0 7,000 
Total short-term borrowings$702 $7,314 
 September 30, 2020December 31, 2019
(Dollars in millions)Maturity DatesStated Interest RatesWeighted-Average Interest RateCarrying ValueCarrying Value
Long-term debt:
Securitized debt obligations2020-2026
0.50% - 3.01%
1.90 %$13,566 $17,808 
Senior and subordinated notes:
Fixed unsecured senior debt(2)
2020-2029
0.80 - 4.75
3.19 21,685 23,302 
Floating unsecured senior debt2020-2023
0.70 - 1.42
1.03 2,008 2,695 
Total unsecured senior debt3.01 23,693 25,997 
Fixed unsecured subordinated debt2023-2026
3.38 - 4.20
3.78 4,755 4,475 
Total senior and subordinated notes28,448 30,472 
Other long-term borrowings:
Finance lease liabilities2020-2031
1.63 - 9.91
3.77 79 103 
Total other long-term borrowings79 103 
Total long-term debt$42,093 $48,383 
Total short-term borrowings and long-term debt$42,795 $55,697 
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(1)Includes $5.2 billion and $6.5 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of September 30, 2020 and December 31, 2019, respectively.
(2)Includes $1.5 billion and $1.4 billion of EUR-denominated unsecured notes as of September 30, 2020 and December 31, 2019