Mac requires password every time I wake it
You didn't say where you set the preference, or your OS X version.

System Preferences → Security &amp; Privacy → General has a setting:

In OSX 10.9 / 10.10: "Require password Immediately after sleep or screen saver begins." 
In OSX Mavericks: "Require password for sleep and screen saver", followed by the time. 

That item should be turned on and set to your preferred time.

If it already was, turn it off, quit System Preferences, then relaunch System Preferences and turn it on, then set your preferred time.