Total Liabilities are the legal financial obligations that need to be fulfilled by a bank or credit union. Total liabilities are the sum of current and non-current liabilities of a financial institution and are expressed as:

Total Liabilities = Current Liabilities + Non-Current Liabilities

Where in current liabilities include the debt or financial obligations which are due within one year and the non-current liabilities are due after one year. Customer deposits are a liability for a bank, they are not an asset.

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