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.

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 Those types of accounts are not Coogan accounts and can be withdrawn at any time.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

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.