Coogan Accounts are accounts for minors who have income from an entertainment or sports related job. 15% of the minorís income from the business is set aside in the account by direct deposit from the employer or agent. The parent or guardian is made trustee of the account until the child turns 18, at which time the trustee must turn over the funds to the child. Until that time, funds cannot be withdrawn from the Coogan Account, unless they are being transferred to another Coogan Account. You can designate your childís Youth Primary Savings Account as a Coogan Account.
Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license and other identifying documentation.