What is a 'Coogan account'?

What is a 'Coogan account'?

Gabrielle Schary (Casting Director) gives expert video advice on: How many elimination rounds does a child actor have to survive to get a role?; What should parents do once their child gets a part? and more...

A Coogan account is an account where a specific amount of money is held in trust for the child until they turn 18. Any bank can issue one. It's pretty much a savings account, and it doesn't cost anything to open. Any bank will offer it to you. It's just an account that, when the child gets paid or the advertiser is paying residuals, the percentage of that money be held for the child.