ALEXANDRIA, Va. — NCUA's legal team has stated that guardian accounts, as set up under Georgia law, receive $100,000 deposit insurance coverage.
As explained in NCUA Legal Opinion Letter 06-0840, a letter from Combined Employees Credit Union President Grace M. Harmon outlined separate guardian accounts for minors at Combined Employees Credit Union set up by a probate judge acting as conservator. The minors receive account insurance through the judge's membership regardless of the child's status.
Each minor's funds are in a separate savings- type account or simple share account. The accounts are to be closed when the minor reaches 18 or the guardian obtains a bond.
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"Funds deposited by a conservator, guardian, or custodian in one or more accounts for the benefit of a ward or minor are aggregated and insured up to the standard maximum share insurance amount," NCUA Associate General Counsel Sheila Albin said. "Guardian accounts are insured as single ownership accounts separately from any other accounts of the conservator or minor…
"Further, the guardian accounts the probate judge has established for each minor are insured separately from any other guardian accounts the judge has created for other minors. Each minor receives up to $100,000 in account insurance for the aggregate amount of funds in all accounts the probate judge has established for that minor."
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