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.**
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. The rules are simple:
- A court order is no longer required to open a Coogan Account.
- The minor is the Beneficiary.
- The parent or legal guardian is the Trustee.
- No withdrawals are allowed until the minor turns 18.
- The Trustee may transfer funds to an equivalent account before that time.
- There is a minimum balance requirement of $50 for this account, as well as a $5 Membership Fee.
We will also require the following:
- A copy of the Trustee’s valid driver’s license.
- One of the following:
- A certified copy of the minor’s birth certificate, or
- A certified copy of an Abstract of Birth for the minor, or
- A photocopy of either of the certified copies.
- One of the following:
- Proof of an audition in California.
- A copy of a page from the child's contract with an entertainment industry company in California, or
- A copy of a paystub that shows the child is working for an entertainment industry company in California.
Find the Coogan Account Application here.
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.
* 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. <firstent.org/rates>
† 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.