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Youth Accounts & Services

Giving 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 Account

    Our First500 Savings Accounts are the cornerstone of our members' credit union experience, and we wanted to make sure we include our younger members! That's where our First500 Youth Account can help.*

    Earn a significantly higher APY** on the first $500 in your First500 Youth Account!

    Our younger members (17 & under), including those with Coogan Accounts enjoy the same benefits as our regular First500 Savings Accounts, but only require online banking access 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, as well as a $5 Membership Fee.

    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:
      • a) Proof of audition dated within the last 30 days on the company/agency's letterhead, indicating the name of the minor; or
      • b) 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

       

  • 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 CU.online.

    Open your Teen Checking Account today. Or Apply for Membership Now!

Guides to Money

Make the most of an exciting time in your life! Master basic money skills such as spending, saving, managing, and borrowing.

Visit Guides to Money Now

* The minimum age to open a minor Youth Savings Account on their own (with no Joint Tenant) is 13 years of age, along with a valid unexpired Student Picture ID or a State-Issued ID from the DMV. We recommend that an adult Joint Tenant be on the account along with the minor, if the minor is under the age of 13. This does not apply to Coogan Account or Custodian Accounts (UTMAs) ownerships.

** 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 beinformed that per California Coogan law, a certified copy of the Birth Certificate will be required upon closing theCoogan Account.

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

†† 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.