Youth Accounts & Coogan Trusts

Ready… Set… Go!
Youth Accounts for Every Stage of Life

Including Coogan Accounts

for Our Performing Kids!


Want to get your children headed in the right direction when it comes to money? ActorsFCU has three account levels for our younger members that will help them learn to manage their money and get their financial lives off to a great start.

All three accounts are issued in the child’s/teen’s name and Social Security Number, and include Direct Deposit capability and 24/7 access through eBranch Online. A minimum balance of only $100 is required to avoid a low quarterly service fee, and all funds are insured up to a maximum of $250,000 by the Federal Government. (Visit the Fees page for our most up-to-date fee schedule.) The parent, guardian, or minor must have affiliation with one of the Credit Union’s SEGs (Select Employee Groups).

For information on Coogan Accounts, please scroll to the bottom of the page.

“AUDITIONS” – UTMA
(newborn to legal age)


This traditional UTMA account (Uniform Transfer to Minors Act) is a custodial account available for minors from newborn to 17 years old.* As parent or guardian, you’ll be part of all transactions with this option since access to this account requires your signature. Upon reaching the age of majority, this account becomes the sole possession of the minor.

This is NOT a Coogan Account and does not satisfy the requirements for states that require a Coogan Account.

*Legal age of majority varies by state.

Membership Application


“SUPPORTING ROLE”
(12 to 17 years)


Early teens can join us in “Supporting Roles,” a joint account you’ll hold with them to help them transition from a full-on custodial account to eventual full responsibility. Both child and parent/guardian have access to the account for withdrawals and deposits, and the account includes a debit card with a $50 daily limit issued in the child’s name.

This is NOT a Coogan Account and does not satisfy the requirements for states that require a Coogan Account.

Membership Application

 

“STARRING ROLE”
(15 to 17 years)


All the features of the “Supporting Role” account but with the added benefits of Power Checking and a daily debit card limit of $150. No minimum balance for checking, no maintenance fee, and no per-check charges. When your teen writes a check, they’ll automatically make a carbon copy. The originals are available for viewing or printing in eBranch Online. Your teen will also have access to ePay$ Online Bill Pay and another level of learning!

This is NOT a Coogan Account and does not satisfy the requirements for states that require a Coogan Account.

Membership Application


“No Hassle” Account Opening

Any of our Youth Accounts can be opened by mail or in person at any of our offices—in NYC, LA, or Chicago. Simply click on the links above or call our Member Services Department at 212.869.8926, option 6, for necessary forms.

What You’ll Need

• A copy of the minor’s birth certificate
• Parent/Guardian’s Social Security Number
• The minor’s Social Security Number
• The minor’s government-issued photo ID
• Parent/Guardian’s government-issued photo ID
• Parent/Guardian’s Social Security Number
• The Parent/Guardian or minor must have affiliation with one of our  SEGs

 

COOGAN ACCOUNTS AVAILABLE

Fee Free with No Minimum Balance!

As you may know, if your child is a working performer the law requires you to open a trust account for them. ActorsFCU is among the few financial institutions that can provide what you’ll need. A Coogan Account meets the law’s requirements for your child’s work in any of the 50 states, and at ActorsFCU we have everything in place to accept direct deposits into these accounts. The 15% of your child’s gross earnings required by law to be deposited into a trust account will be held for them until they reach the age of majority. Once the account is set up and employers have been notified, all you have to do is rest easy!

No fee to open the account
• No minimum balance required
• No maintenance fees

At account opening, you’ll receive an “Account Verification Letter for Employers” that will include all necessary instructions for making deposits into the account either by traditional check or electronically. In addition to the basic Coogan Savings Account you may also want to open a Share Certificate (CD), $500 minimum to open. Funds may be transferred from the Coogan Savings Account to open the Share Certificate.

Coogan Account Opening

Simply call or email our Member Services Team at 212.869.8926, option 6, or mservices@actorsfcu.com,
or click here for all necessary forms.

What You’ll Need in Addition to the Trust Forms

• A copy of the minor’s birth certificate
• The minor’s Social Security Number
• Parent/Guardian’s government-issued photo ID
• Parent/Guardian’s Social Security Number

In a Trust Account

• The minor is the Beneficiary
• The parent/guardian is the Trustee
• No withdrawals can be made until the minor reaches the age of majority (as mandated by law), and
• The Trustee may transfer funds to an equivalent account before that time

For child performers in the states of New York, New Jersey, or Louisiana, Child Performer Trust (CPT) Accounts are also available, though they are appropriate only for the child’s work in those states. CPT Accounts may be converted to UTMA Accounts if desired.