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Youth Accounts & Services

Home Banking Youth Accounts & Services First500 Youth Account

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Give Them a Great Start

We have a lot of products and services for our older members, but don't think we've forgotten our next generation of members! We have a host of benefits just for them.

  • First500 Youth Savings Account*

    Our First500 Savings Accounts are the cornerstone of our members' credit union experience, including our younger members. That's where our First500 Youth Savings can help.*

    Earn a higher APY** on the first $500 in your First500 Youth Savings.

    Our younger members (17 & under), including those with a Coogan Account (Blocked Trust Account) enjoy the same benefits as our regular First500 Savings, but only require access to Digital Banking and eStatements to qualify.**

  • Coogan Account

    Thanks to the Coogan Act†, every time young performers work under an entertainment contract, 15% of their gross earnings must be set-aside for them until they reach legal majority.

    A Coogan Account insures that child actors and athletes (and other young performers) receive this portion of their earnings when they reach majority age of 18. Safely insured, a First Entertainment Coogan Account is easily set up to directly accept these funds. Remember, these earnings are the legal property of the minor. Here are the rules:

    1. A court order is no longer required to open a Coogan Account.
    2. The minor is the Beneficiary.
    3. The parent or legal guardian is the Trustee.
    4. No withdrawals are allowed until the minor turns 18.
    5. The Trustee may transfer funds to an equivalent account before that time.
    6. There is a minimum balance requirement of $50 for this account.

    Coogan Account Application Requirements

    For the minor to qualify for eligibility, they must live or work in Los Angeles County. Here's what is needed to begin the application process:

    • A copy of a valid U.S. Passport or State ID from the Trustee(s), who is/are the parent(s) or legal guardian(s) of the minor.
      • If the Trustee(s) is/are the legal guardian(s) of the minor, a certified court order appointing the legal guardian(s) is also required.
    • One document from the list below:
      • A certified copy of the minor's Birth Certificate; or
      • A certified copy of an Abstract of Birth*** for the minor
    • One item from the list below:
      • Proof of audition dated within the last 30 days on the company/agency's letterhead, indicating the name of the minor; or
      • Copy of a page from the minor's employment contract with a company in the entertainment industry, which includes the minor’s name, the signature of the Trustee(s) and the name of the agency/employer, dated within the last 30 days; or
      • Copy of a paystub that shows the child is working for a company in the entertainment industry, dated within the last 30 days
    • If the minor is Also Known As (AKA) another name, such as a stage name, proper documentation of this AKA will need to be provided, such as a SAG-AFTRA membership card. Failure to do so may result in payroll issues.
    • A Social Security Number for the minor is required.
       

      Apply for a Coogan Account

       

  • UTMA Account

    The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts—such as money, patents, royalties, and the like—without the aid of a guardian or trustee. A UTMA account is an irrevocable custodial account held for the benefit of a minor child and has a few unique features that differeniate it from other types of minor accounts.

    • Funds deposited are considered property of the minor and can only be used for their benefit.
    • Dividends earned on an UTMA are reported as income under the minor's name and Social Security Number.
    • This account does not require a trustee or the child's parent/guardian to be listed as a joint on the account. However the gift giver or designated custodian is permitted to manage and transact on the minor's account until s/he reaches the age of maturity.
    • Transactions can only be performed by the account custodian.
    • Withdrawals are allowed but only for the benefit of the child.
    • The Custodian can close the account anytime, as long as it is in the best interest of the minor.††

    One of the key benefits of an UTMA Accounts is that it allows parents to save and invest money on the child's behalf while maintaining full control until s/he is an adult.

    Due to the nature of custodial accounts, they cannot be opened online at this time. For assistance, please give us a call at 888.800.3328 or schedule an appointment to meet with one of our branch staff.

  • Teen Checking Account

    Designed for members ages 13-17, our Teen Checking Account teaches the importance of good financial management. There's no monthly service charge or minimum balance requirement and the account features checks issued in the teen's name. A Chip-Secured EMV Debit Card is also available for members who are 16-17. The account doesn't earn dividends. Must have a parent or legal guardian as Joint Tenant. †††

    First Entertainment's Teen Checking features unlimited check writing, and there are NO PER-CHECK CHARGES regardless of your balance. If you order carbonless checks, you can keep a duplicate record of every check you issue. You'll have an accurate, permanent record of all your transactions. To help offset our "no-per-check charges" feature, original checks are not returned with your monthly statement, but you are able to both view and print your cancelled checks online via Digital Banking.

    Apply for Membership Now!

* First500 Youth Savings Accounts are available to any minor with a Social Security Number. For minors who are 12 years old and younger, an adult Joint Tenant is required on the account. Minors who are 13-17 years old may be permitted to open an Individual account if they have a valid, unexpired Student ID with their picture or a State-Issued Identification Card (Issued by the DMV).

** First500 Youth Accounts will earn the First500 APY on account balances up to $500 with Internet access and eStatement only. Balances above $500 in qualifying accounts and any balance in a non-qualifying First500 account will earn the First500 Savings Base Rate. One First500 Account per Social Security Number. Rates subject to change without notice. Call us for current rates, or visit firstent.org/rates.

*** Important Note: An Abstract of Birth is only acceptable for opening the Coogan Account. However, please be informed that per California Coogan Law, a certified copy of the Birth Certificate will be required upon closing the Coogan Account.

† The Coogan Act was passed in 1999 and is part of California Law (Family Code section 6753).

†† Should the account be closed before the minor reaches the age of majority, the Credit Union is not responsible for monitoring the disbursement of the funds.

††† Joint Tenant must qualify for an Advantage or Value Checking Account in their own right. If the Joint Tenant has a First Entertainment Checking Account, it must be maintained in good standing. Teen Checking Accounts have a minimum opening deposit of $1.00, do not earn dividends, and have no minimum balance requirement.