What is a Coogan Account?

At present, Coogan Accounts (a.k.a Blocked Trust Accounts and Trust Accounts) are required by the State of California, New York, Louisiana and New Mexico. In most instances, you will have to supply proof of a trust account prior to receiving a work permit. 15% of the minor’s gross wages are required to be withheld by the employer and deposited into the Coogan account within 15 days of employment. The parent must supply the Coogan account number to the employer.

Not all banks offer Coogan Trust Accounts, and even some that do still have employees that are not familiar with the term “Coogan Account”. Sometimes explaining that you are opening up a blocked trust account for your minor child will clear up confusion.

Below you will find a partial list of banks, credit unions and brokerage firms that offer Coogan/Trust Accounts. Screen Actors Guild provides this list for information purposes only and does not endorse any particular institution. These financial institutions each have different requirements for opening accounts. Some require a first paycheck to open the account, some a minimum deposit and the interest rates vary. It is important to compare financial institutions and find the best one for you and your child. Inquiries regarding the management of Coogan accounts should be referred to the Bank that is holding the account.

- AFTRA/SAG Federal Credit Union
- Actors Federal Credit Union
- Bank of America
- Bank of the West
- City National Bank
- First Entertainment Credit Union
- Morgan Stanley/Smith Barney
- Union Bank of California
- Wells Fargo

For additional information on the Coogan Law please visit https://www.sagaftra.org/membership-benefits/young-performers/coogan-law