Coogan Accounts
Protecting the Future for our Working Kids.
No fees. Easy account set-up. $100 minimum balance required.
Coogan Account Details
State child performer laws require 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 all state child performer laws/requirements throughout the United States.
Actors FCU 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. For New York performers, additional permit documentation may be required. Please contact your assigned representative during onboarding.
You may also choose to open a High-Yield Certificates. Funds may be transferred from the Coogan Account to open a share certificate account ($500 minimum) at any time.
In a Trust Account, the minor is the Beneficiary, and 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. Once a Coogan account is opened, the child's immediate family (e.g., parents & siblings) also become eligible for credit union membership.
Alternatively, you can choose to download the application form below and return it to Member Services. Note: processing times may take longer for form submissions. Please be sure to print, sign, and submit the completed form along with a copy of your identification. You may submit forms via email to newaccounts@actorsfcu.com or by visiting one of our branch offices.
Account Opening
Prospective Member:
A Savings Account is required for membership with Actors Federal Credit Union (Actors FCU). Coogan Trust accounts incur no monthly service fees, and only require an initial deposit of $100 at account opening. The trustee, parent, guardian, or custodian is NOT a joint owner. The funds in the account are the sole property of the minor, and are locked and unavailable for withdrawal until the minor reaches 18 years of age.
WHAT WE NEED FROM YOU:
In order to open a Coogan Trust Account with Actors FCU, please prepare the following items/documents:
1. Completed membership application package with wet signature(s) – No Digital Signatures.
2. Clear copy of the minor’s birth certificate.
- The image provided must be a clear copy of the original certified birth certificate.
3. Copy of Valid Government-issued photo ID(s) for custodian(s)
4. Proof of address (e.g., utility bill or lease agreement) if the address on the custodian’s photo ID does not match the address listed on your membership application.
HOW TO SUBMIT YOUR INFORMATION:
Our preferred method of document submission is through our Secure File Upload Center located on our website. Complete the required fields and upload all items listed above.
If you do not have the ability to submit your application via our Secure File Upload Center, we can also accept your application and documents in person or via USPS mail. Applications should be submitted to the Actors FCU Branch that is nearest to your home address. Applications that are submitted via mail or fax may require additional time for processing. Our branch locations are listed on the footer of this letter or at https://www.actorsfcu.com/about/locations/locations.
PROCESSING THE APPLICATION:
Once we have received the completed application and all supporting documents, the package will be assigned to a new account representative within 1 to 3 business days. You will receive an email with the name and email address of the assigned representative. Once the application is assigned, please allow 7 to 10 business days for account opening. Please note that incomplete packages will delay these processing times.
FUND YOUR NEW ACCOUNT:
You must deposit at least $100 to establish this membership.
If you have any questions or need assistance, please contact us at 212.869.8926, option 6.
