Can deposits, e.g. for preschools, or overpayments that were deducted from my child's Child Development Account (CDA) be credited directly to me as cash instead of back to the CDA?

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Accepted Answer

No, Approved Institutions (AIs) are required to make a refund into the Child Development Account (CDA) if the refunded amount was originally deducted from the CDA. The refund must be made into the CDA within one month from the date agreed upon by both the CDA trustee and the AI. The refunded amount will not be co-matched in the CDA.

You can check with the AI when the refund was credited and verify the refund in your child's CDA statement.

Can deposits, e.g. for preschools, or overpayments that were deducted from my child's Child Development Account (CDA) be credited directly to me as cash instead of back to the CDA?

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