Search:

The problem as someone else alluded to is that if the interest rate is less than the rate of inflation you could actually lose money if in a low interest rate instrument.

Um Wachovia was taken over by Wells Fargo 8 years ago! So if your friend told you this story, he either got it wrong or was scammed by a phony bank. I'm very skeptical that his story was accurately...

Seriously? You think you would go into a Chase branch (or any bank branch) and meet with a rep and that they would scam you? Where did you get such an idea?

As to what documentation you would...

I would disagree that CDs are a "real bad" investment. It depends on your investment goals. If your goal is extremely low risk, then they have value. I would agree that you should shop around first...

Its all electronic these days. The receipt will state the terms of the CD, there may be some boiler plate language as well, Its more of a contract than a receipt.

You should get a receipt for your deposit with the terms of the CD; Interest and term.