The FDIC insurance coverage total is related to the number of individuals. In the case of a trust, the number of trustors and the bequest % to the beneficiaries affects the coverage total. And, the coverage for IRA accounts is different. You can look this up at http://www.fdic.gov/deposit/index.html for comprehensive examples and clarification.
Regarding the requirements to set up a CD, here are my experiences:
1. Countrywide – required, under separate cover 10 days after the account was opened, that we mail proof of our residence address in the form of a house payment coupon copy. They also required extra documentation upon initiation of the account “due to September 11 Federal requirements”. Who knows? Perhaps they ran a credit check on us and didn’t tell us.
2. Orange County Teachers’ Federal Credit Union – no problem, I love my credit union. They allow me to set up and roll CD’s online.
3. Downey Savings – no problem with the set up, which was done recently. No excess documentation or credit check required. We’ll see how it goes.
4. World Savings – no problem with the set up, which was done recently. No excess documentation or credit check required. We’ll see how it goes.
