The law requires a trust account for working child performers, with 15% of the child’s gross earnings deposited into the trust account to be held for them until they reach the age of majority. A Coogan Trust Account complies with child employment laws/requirements throughout the United States.
ActorsFCU is among the few financial institutions that can provide what you’ll need, with everything in place to accept direct deposits into these accounts. All you have to do is set up the account and notify the employers.
At account opening, you’ll receive a “Statement of Guardian” form with instructions for making deposits by check or electronically. You may also choose to open a High-Yield Certificates. Funds may be transferred from the Coogan Account to open the CD ($500 minimum) at any time.
In a Trust Account, the minor is the Beneficiary, the parent/guardian is the Trustee. There can be no withdrawals until the minor reaches the age of majority (usually 18 years of age but as mandated by law per state). The Trustee may transfer funds to an equivalent account before that time.
We do not require the minor to have a union affiliation to open a Coogan account. One a Coogan account is opened, the child's immediate family (e.g., parents & siblings) also become eligible for credit union membership.
Signed/completed application (with SSN for all parties)
Copy of the minor’s birth certificate
Parent/Guardian's government-issued photo ID (must be current)
Proof of address for the custodian(s) (e.g., lease or utility bill)