American Express 2010 Annual Report Download - page 91

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NOTE 9
CUSTOMER DEPOSITS
As of December 31, customer deposits were categorized as
interest-bearing or non-interest-bearing deposits as follows:
(Millions) 2010 2009
U.S.:
Interest-bearing $ 29,053 $ 25,579
Non-interest-bearing 17 13
Non-U.S.:
Interest-bearing 640 680
Non-interest-bearing 17 17
Total customer deposits $ 29,727 $ 26,289
The customer deposits were aggregated by deposit type offered
by the Company as of December 31 as follows:
(Millions) 2010 2009
U.S. retail deposits:
Savings accounts — Direct $ 7,725 $ 1,950
Certificates of deposit
Direct 1,052 265
Third party 11,411 14,816
Sweep accounts — Third party 8,865 8,548
Other deposits 674 710
Total customer deposits $ 29,727 $ 26,289
The scheduled maturities of all certificates of deposit as of
December 31, 2010 were as follows:
(Millions) U.S. Non-U.S. Total
2011 $ 5,696 $ 371 $ 6,067
2012 2,901 — 2,901
2013 2,293 — 2,293
2014 1,020 — 1,020
2015 121 — 121
After 5 years 432 — 432
Total $ 12,463 $ 371 $ 12,834
As of December 31, certificates of deposit in denominations of
$100,000 or more were as follows:
(Millions) 2010 2009
U.S. $ 689 $ 196
Non-U.S. 291 293
Total $ 980 $ 489
NOTE 10
DEBT
SHORT-TERM BORROWINGS
The Company’s short-term borrowings outstanding, defined as borrowings with original maturities of less than one year, as of
December 31 were as follows:
(Millions, except percentages) Outstanding Balance
Year-End Stated
Rate on Debt
(a)
Outstanding Balance
Year-End Stated
Rate on Debt
(a)
Year-End Effective
Interest Rate with
Swaps
(a)(b)
2010 2009
Commercial paper $ 645 0.16% $ 975 0.19% —
Other short-term borrowings
(c)
2,769 1.23% 1,369 0.85% 0.85%
Total
(d)
$ 3,414 1.03% $ 2,344 0.57%
(a) For floating-rate debt issuances, the stated and effective interest rates are based on the floating rates in effect as of December 31, 2010 and 2009, respectively. These
rates may not be indicative of future interest rates.
(b) Effective interest rates are only presented if swaps are in place to hedge the underlying debt. There were no swaps in place as of December 31, 2010.
(c) Includes interest-bearing overdrafts with banks of $966 million and $277 million as of December 31, 2010 and 2009, respectively. In addition, balances include certain
book overdrafts (i.e., primarily timing differences arising in the ordinary course of business), short-term borrowings from banks, as well as interest-bearing amounts
due to merchants in accordance with merchant service agreements.
(d) The Company did not have any federal funds purchased as of December 31, 2010 and 2009.
89
AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS