Coogan Minor Blocked Accounts
When we were kids, most of us lost some privileges. It’s just a part of being a kid. Jackie Coogan, on the other hand, was a child actor who lost a lot more than privileges; he lost millions because of irresponsible parents. But now you don’t have to worry because, thanks to the Coogan Act†, every time young performers work under an entertainment contract, 15% of their gross earnings are set-aside for them until they reach legal majority. All thanks to “Uncle Fester.”
Coogan Accounts insure that child actors and athletes and other young performers receive this portion of their earnings when they reach majority age, now 18. Safely insured, First Entertainment Coogan Minor-Blocked Accounts are 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 is the Trustee
- No withdrawals are allowed until the minor turns 18, and
- The Trustee may transfer funds to an equivalent account before that time
- There is a minimum balance requirement of $50 for this account.
We will also require 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 in California.
Find the Coogan Account Application here. Or see our Apply Now section for applications for all our products and services.
* Annual Percentage Yield: APY is based on the assumption that dividends remain on deposit for the entire dividend period.
** The APY for an account balance up to $500 in First500 Youth Accounts (or Coogan Accounts) will be 5.00% 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 of 0.10% APY. One First500 Account per Social Security Number. Rates subject to change without notice and may vary. In certain instances when the minimum balance is not maintained and no other services or accounts are open, a low balance monthly fee may apply. Check with the credit union for complete details. Account features a $5.00 membership fee and a minimum opening balance of $50.00.
† The Coogan Act was passed in 1999. It is part of California Law (Family Code section 6753).