How long does it take to receive the excess Child Development Account balance (ECB) refund?
If the child has a bank account linked to PayNow using their NRIC, the excess CDA balance (ECB) will be automatically refunded in Jan/Feb of the following year after the CDA closes. MSF will send a letter to the CDA trustee to confirm once the PayNow refund is successful.
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.
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?
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)?
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