When will I be notified about my child’s excess Child Development Account balance (ECB) refund?
MSF will notify you by letter in Jan/Feb if there is any excess CDA balance (ECB) following the CDA closure.
ECB will be refunded via PayNow to the bank account linked to the child’s NRIC. If there is ECB to be refunded, MSF will inform the CDA trustee after the successful refund via PayNow.
For a faster refund, we encourage CDA trustee or parents to link their child’s bank account to PayNow before the CDA closure. If PayNow is not set up, MSF will send a letter to the CDA trustee in Jan/Feb of the following year after CDA closure with instructions to nominate a bank account to receive the refund, and the refund will take up to 14 days.
Related questions
How will the excess Child Development Account balance (ECB) be refunded?
How long does it take to receive the excess Child Development Account balance (ECB) refund?
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?
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)?
Need more help?
Get in touch