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  1. jinnie@mobile banking credit union

    The Bank now days is as important as the banker. When WAMU was bought out by Chase and they start playing the old switch-a-roo without notification of changes. Your good old banker could do nothing for you.

  2. nimmy@mobile banking credit union

    You provided me very good info and I must say that you really got the stuffs that are very interesting and one has to closely observe this.

  3. sanarita@mobile banking credit union

    This is really a great post about the particular topic and i am really impressed to know about it. I have read your full article and truly speaking that it was really very knowledgeable and very interesting. I think you are really very close on your points. Anyways keep it up and keep continue with your valuable thoughts. In the near upcoming future.

  4. fraud

    Its nice that Washington finally put some restrictions on the banks. Only time will tell where banks raise prices to make up for the huge losses.

  5. Anderson

    Debbie,
    I understand all these details you have mentioned in both your blogs. I have a question, when you get a paycheck where do we have to see this 15% mentioned? Under After tax deduction or under my net pay?

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  7. MarkSpizer

    great post as usual!

  8. Traci

    This is exactly what is happening to our daughter’s account. B of A will not reverse all of the fees and is now saying she has to have $300 in there at all times or fees will keep getting taken out. We are in the process of finding a new bank. Any recommendations for one that does not charge fees?

  9. Debbie Sikkema

    Hi Traci,
    AFTRA-SAG Credit Union is what I recommend. There are others that are good, but you can’t beat the service, information, and benefits you will get at this credit union. I talk about them in my other posts about Coogan accounts. You can also find them on the internet. Call and talk to them and they can answer all your questions. You may be the person who told me about this problem a few months ago, and if so this post was written especially for you!
    Best regards,
    Debbie

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  11. ShelsyBanks

    OMG Thank you so much Ma’am. I got some really good infos ’bout the account that i never knew about. God bless.

  12. Shame on WaMuChase

    We deposited $100 to open our Coogan account at Wamu back in 2003, They changed our account number in 2006. I’ve talked to Chase and they said they didn’t get this account from WaMu. I suppose it’s possible that somewhere between them the account was eaten up by fees?

  13. Debbie Sikkema

    Hi,
    I think you need to push on this to find out what happened to your $100. Were you receiving statements showing the fees being deducted? So did WaMu get bought out by Chase and that is how the account ended up at Chase? I thought Chase bank told me that they did not have Coogan accounts. You should have been informed about this or anything else regarding that account. Do you have proof of the $100 that you deposited? You need to go with information in hand and find out what happened to that money! Technically, banks should not be deducting fees from Coogan accounts. I am telling people to find a bank that won’t deduct fees and make sure they don’t get deducted. Since banks do deduct fees, it is possible that the money has been depleted but you should’ve been receiving statments showing you that this was occurring so you could’ve stopped it. Well, as you can tell, this is really a sore point with me, and I could go on and on about how bad this process is — requiring people to have these accounts for their kids but then allowing the bank to deduct fees and use the money up. This is so wrong! Unfortunately, parents and guardians really have to work hard to make sure this does not occur. Please let me know what you find out on this.
    Warm regards,
    Debbie

  14. Alex

    Hi Debbie,

    I have done a lot of research recently since happening on some frustrating news. I opened 3 Coogan accounts a year ago with Bank of America. I was not told there was a minimum fee to open as I would have gone somewhere else if I had to come up with $900. The process was fairly easy and I went on my way. My children worked on occasion and I never thought twice about those accounts. My son finally received a large check, which was difficult to cash. BoA told me they could not cash nor deposit as there was no account open for him. After reviewing the account I was told that the account was closed last month since there was no money in it and the last transaction was a 5 dollar service fee. He said he could not give me any further information. That is when I learned of the 300 minimum deposit at time of opening. I asked to see information which stated this and he did not have any to provide. Only given a brochure on a standard savings account. This means all 3 of my children’s accounts have been closed and all their money is gone, while they were all still under 300, they have all been robbed of their money.

    I understood no one could access their accounts, so what makes the bank any different?

    Now I have a 15 percent check floating around as I spend my time finding another bank who won’t steal from minors.

    I have yet to find anything else on the subject. Please let me know if you have anymore information regarding laws and bank fees. If there are any, they should be changed.

  15. Debbie Sikkema

    Hi Alex,
    I am so sorry this has happened to you. Let me look into this a little. I really think you need to talk to someone. Why did they let you open the account with less than the minimum if it is not allowed? Can you talk to the AFTRA/SAG credit union? You may be able to open an account there to deposit that check — talk to them about it as they are experts in this area. They have a site that I always refer people to–check my blog posts as I think I have a link to that site, or just search for it on the internet. They will be happy to open an account there for you–but you need to make sure the other one is closed or that it is transferred appropriately. Tell them the whole story and see what they say. I have heard similar stories to yours, and I did call the SAG office and someone in there told me that the bank could deduct fees, though I thought the law stated that they could not — and in reality, they should not be able to — if no one can deduct fees or take that money, why should the banks be able to? It is a racket. But someone else commented here on my blog stating that the banks really are breaking the law. One person I recommend you contact is Anne Henry. She is big into all the laws associated with children and acting and is a great resource. Go to Professional Actors Resource Forum and create a free account. Anne Henry is a moderator on that forum and she and others will see if you post there on this and I know they will have an answer for you on this or tell you who to talk to about it. Anne Henry has a website as well, http://www.bizparentz.org, but I don’t see much on this topic on there. This whole thing makes me so angry! The banks should not be allowed to do this.
    With great sympathy to you,
    Debbie

  16. Debbie Sikkema

    Hi Alex (again),
    I found the comment posted on my blog by Mary Fry about the laws associated with Coogan accounts. Here is the content from her comment which is posted on my blog post on transferring a Coogan account from one financial institution to another.

    Mary Fry says: December 28, 2010 at 8:41 pm (UTC -8)
    According to the actual text of the Coogan law “no withdrawal by the beneficiary or any other individual, individuals, entity, or entities may be made of funds on deposit in trust without written order of the superior court pursuant to paragraph (7) of subdivision (b) or paragraph (5) of subdivision (c) of Section 6752.” The bank is an “entity,” therefore not entitled to withdraw any money as fees or charges. Ironically, the banks offer FREE accounts to children with a minimum deposit of $25. Those types of accounts are not Coogan accounts and can be withdrawn at any time. Banks know Coogan accounts are easy targets. The children can’t move their money and parents only receive quarterly statements while fees are deducted monthly. Any bank that acts as a “predator” by charging a child’s Coogan account is in violation of federal law as it is currently written.” — I hope this helps. I’m still looking into this more also. –Debbie

  17. Alex

    Dear Debbie,

    Thank you so much for all your valuable information. I am sure I read the same thing in regards to no one can withdrawal funds. I feel the need to do something about this as I am sure the bank is wrong and have probably done this to other innocent children.

  18. Debbie Sikkema

    Hi Alex,
    You are welcome. I can’t tell you how many people have commented or emailed me with similar Coogan situations as yours. You really do need to investigate this further. The person I talked to in the SAG office told me that banks could deduct fees but I don’t see how when the law states that they can’t. It is just plain wrong. These trust accounts are supposed to be protecting our children’s funds and not taking them. Please let me know what else you find out. I am still investigating this myself and if I find anything more out I will let you know.
    Warm regards,
    Debbie

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  23. Michelle

    We live in another state and do not go out to California (yet). My son does submit tapes alot so it was suggested to us to obtain a work permit. I did this but now I am reading we have to open a Coogan account within so many days. Is this true and how do I do this from another state? Also, do you have to be AFTRA/SAG to be part of their credit union?

  24. Debbie Sikkema

    Hi Michelle,
    There is a small membership fee required for kids to create a Coogan account there (for membership), but so long as you can get a letter from a talent agent indicating that they are actively seeking union work for your child, your child is age 4 or younger, your child has a family member who is in SAG-AFTRA, or you have a voucher indicating your child has worked a union job (or “Taft-Hartly” or “must join” status), you should be able to open a Coogan account there. If you have questions, the best thing to do is go directly to their site or even better call and talk to someone to get all your questions answered. Here is the link: http://www.aftrasagfcu.org/coogan_accounts/index.cfm. You are supposed to have a Coogan account opened and a copy of the trustee account statement attached to your work permit I believe it is within 10 days of getting your work permit. Hope this helps.
    Sincerely,
    Debbie

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  27. Naomi

    I just wanted to say thank you for the information! My two daughters each have a trust account at US Bank that I set up about 6 months ago. They were charging $5 a month that we didn’t have over $300 in each account. I went in today after reading this thread and the bank employee was apologetic, said that the account was set up wrong and refunded any fees that had been charged. We should be good to go now!

  28. Paul Ryan Oaper

    hi, I have a question, what is the best Bank our credit union for newbies like me in terms of opening up a coogan account? Do you think First entertainment coogan account is good?

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