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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