Coogan Accounts

Coogan Accounts are accounts for minors who have income from an entertainment or sports related job. 15% of the minor’s 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 Until that time, funds cannot be withdrawn from the Coogan Account, unless they are being transferred to another Coogan Account.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 child’s 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 and 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.



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Disclaimer: Havasu Community Credit Union (a division of L.A. Financial Federal Credit Union) is not responsible for the privacy practices or the content of web sites which we may provide a link to. While all efforts are made to maintain the accuracy of information presented on the Havasu Community Credit Union (a division of L.A. Financial Federal Credit Union) web site, we cannot guarantee that all information is current. Please contact the Credit Union call center directly for the most current information at 626.792.7441 or Toll-Free 800.894.1200.