I have saved above the Post-Secondary Education Account (PSEA) cap. Who receives the excess CDA balance (ECB) when the trustee is a third party?
Any excess CDA balance (ECB) will be refunded via PayNow to the bank account linked to the child’s NRIC in Jan/Feb of the year your child turns 13.
However, if PayNow is not set up, MSF will send a letter to the CDA trustee with instructions to provide the nominated bank account to receive the refund, and the refund will take up to 14 days. We encourage you to discuss with the third party on which bank account they should nominate to receive the refund, keeping your child's interests in mind.
Related questions
How will the excess Child Development Account balance (ECB) be refunded?
When will I be notified about my child’s excess Child Development Account balance (ECB) refund?
My spouse is the Child Development Account (CDA) trustee. We are in the process of divorce and I am caring for the child. Can I receive the excess CDA balance (ECB)?
How long does it take to receive the excess Child Development Account balance (ECB) refund?
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