COOGAN BLOCKED TRUST ACCOUNTS
Under the California Coogan Act (SB 1162), whenever a child actor or athlete works under contract, employers are required to deposit 15% of gross earnings directly into a Coogan Blocked Trust Account that has been set up in the minor’s name. These earnings are the legal property of the minor and monies placed in trust cannot be touched by anyone until the minor turns 18 or becomes legally emancipated. Please refer to the full Coogan Law for details. 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 10 business days after the start of employment.
- The child must be eligible for membership at the credit union, which includes proof by parent or legal guardian of eligibility to establish membership.
- Child must open Sand Dollar Savings Account first – only $5 to open, no minimum balance requirements, no monthly fees
- No minimum required for Coogan Account
- We will provide you the required “Proof of Account” statement the same day the account is opened
Ask us about transferring existing Coogan Accounts from other financial institutions to us.