Parents are required to open a "Coogan" blocked trust account within 7 days of the start of employment. Employers are required to deposit 15% of gross earnings directly into the minors Coogan account in a timely manner. (FC 6750 through 6753)
A note from Momager...employers rarely ever deposit the 15% into the accounts, so it is the parents responsibility to do so! I deposit the entire check into the Coogan accounts, because our's get a better APR. Also, most banks do not do Coogan accounts. In Los Angeles, I suggest First Entertainment Credit Union.
