Large denomination certificates of deposit* are issued in minimum amounts of $100,000. Total deposit balances are insured to the maximum allowed by the FDIC, currently $100,000.
Terms and Structures
Maturity From seven days to five years, with longer maturities available upon request
Issued As dictated by market conditions and funding needs of issuing bank
Form Issued in book entry form
Quoted On an annualized yield basis
Rate Structure Yields are determined by current interest rates, and may vary with market conditions, maturities, and transaction size
Interest Paid at maturity
Denominations Typically issued in $1 million increments
Marketability Not marketable because they must be held to maturity
Security Insured by the FDIC for amounts up to $100,000; collateral may be available for amounts of $100,000 as legally permitted by national banking laws (this does not apply to large denomination CDs purchased by individuals or corporations)
Tax Status Interest is taxable for federal and state purposes
* Products and services are offered by Wachovia Bank, National Association.
Wachovia Securities is the trade name for the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member FINRA/SIPC.
Debt and equity underwriting, trading, research and sales, loan syndications agent services, and corporate finance and M&A advisory services are offered by WCM.
Mezzanine capital, private equity, municipal securities trading and sales, cash management, credit, international, leasing and risk management products and services are offered by various non-broker dealer subsidiaries of Wachovia Corporation.