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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
