Does Bank of America have Coogan accounts?
You can apply for a Coogan trust account at Bank of America online. You just need to enter personal information for you and your child, including Social Security numbers and your address.
What banks offer Coogan trust accounts?
COOGAN TRUST ACCOUNTS
- SAG-AFTRA Federal Credit Union.
- Actors Federal Credit Union.
- Bank of the West.
- City National Bank.
- First Entertainment Credit Union.
- Morgan Stanley/Smith Barney.
- Union Bank of California.
- Wells Fargo.
What is a Coogan blocked trust account?
A blocked trust account, or Coogan account, is a court-administered trust fund designed to protect the earnings of child actors, athletes and other child performers until they become adults. The parent or guardian has control over the account as the trustee.
Can you withdraw money from a Coogan account?
The law prohibits the withdrawal of funds from Coogan accounts without the approval of a court — which is how Bank of America ended up on the other end of the class action suit.
What are Coogan accounts?
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.
How do I pay my Coogan account?
How to Pay Out to Your Actor’s Coogan Account
- GET YOUR CHILD ACTOR’S COOGAN BANK ACCOUNT NUMBER. The first step in the process is to get your child actor’s Coogan Bank Account information from their parent or legal guardian.
- PROVIDE A RECEIPT.
- MAKE THE DEPOSITS YOURSELF.
- OR USE A PAYROLL COMPANY.
- REPEAT EACH PAY CYCLE.
How do I open a Coogan Trust account?
Parents or Legal Guardians are required to establish a “Coogan Account” within seven business days after a minor’s employment contract is signed, and to provide the minor’s employer with a copy of a trustee’s statement (evidencing proof of the account) within ten business days after the start of employment.
Why is it called a Coogan account?
“Coogan Account” is named after John Leslie “Jackie” Coogan, Jr. He was discovered at age seven by Charlie Chaplin and Coogan was cast as Chaplin’s sidekick in the classic film “The Kid” (1921).
What is a Coogan account?
Can Coogan accounts be invested?
In California, for example, investments in Coogan accounts are limited to government bonds and securities, certain cash instruments and broad-based equity mutual funds from large management companies.
How much does it cost to open a Coogan account?
*A Coogan Account may be opened with a $25 minimum deposit (your ‘share’ of ownership).
How do I open a Coogan trust account?
What are the advantages of Bank of America?
Bank of America Pros (Advantages) Accessibility. Bank of America is omnipresent. If you open an account, you can be pretty sure that there will be a branch close by, since Bank of America is in every state in the union. Its ATMs are legion, reducing the likelihood that you’ll have to pay foreign ATM fees.
How do you close a Bank of America credit card?
Go to the Nearest Branch. If you aren’t one of the lucky ones to get a rep to do it online, you should be able to go to your nearest branch, tell the teller you wish to close your account, and walk out with your cash in hand.
What is a Coogan Trust?
“Coogan” accounts are trust accounts required by the states of California and New York as a condition of issuance of work permits for minors who wish to work in the entertainment business.
