Back to home

Who receives the excess Child Development Account (CDA) balance (ECB) when the trustee is a third party?

Updated by MSF

Any excess Child Development Account (CDA) balance (ECB) will be automatically transferred via PayNow to the bank account linked to the child’s birth certificate number or the CDA trustee’s NRIC in 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 nominate a bank account to receive the ECB, and the transfer will take up to 6 weeks. We encourage the parents to discuss the arrangement with the third party trustee.

Topics:

Baby Bonus (BB)Annual Closure Exercise of Baby Bonus CDA on 12th Year

Related questions

I am the Child Development Account (CDA) trustee. Can I receive the excess CDA balance (ECB) if my ex-spouse has care and control of our child?

msf

When will I be notified about my child’s excess Child Development Account balance (ECB)?

msf

How will the excess Child Development Account balance (ECB) be transferred?

msf

How long does it take to receive the excess Child Development Account balance (ECB)?

msf

Need more help?

Describe your issues to us.

Contact us