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coogan accounts

Details

Under California law, whenever a minor renders artistic or athletic services under contract, employers are required to deposit 15% of gross earnings directly into the minor’s Coogan (blocked trust) Account. The funds placed in trust cannot be touched by anyone until the minor turns 18 or becomes legally emancipated. Within seven business days from the time a minor's employment contract is signed, a parent or legal guardian must open a Coogan Account. UMe can quickly and easily help parents and guardians open a Coogan Account for young performers and athletes. Here's what we offer:

No membership fee for members under 18 years old.
Low initial $5 deposit. Opening an account is easy and affordable.
No monthly fee. The money stays where it belongs—in your child's account.
Interest earned on balances of $25 or more. By the time your child turns 18, not only do they have access to their earnings, but interest too!
Available as a Student Savings Account or Student Certificate.
Federally-insured up to $250,000. You can sleep easy, knowing your deposits are insured by the National Credit Union Administration (NCUA).