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 years old, at which time the child must present a certified copy of their birth certificate in order to withdraw the funds. Until that time, funds cannot be withdrawn from the Coogan Account, unless they are being transferred to another Coogan Account.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.
This credit union is federally insured by the National Credit Union Administration.