Can a Bank Deduct Fees from a Coogan Blocked Trust Account?

Don't Let Bank Fees Deplete Your Child's Coogan Account, Image via Wikipedia

Understanding exactly what a Coogan blocked trust account is and how it works is no easy feat for a parent of a child actor or model.  Many  employees at banks are just about as clueless about Coogan accounts as you probably are, and some are even more so.

In fact, finding the information you need related to Coogan blocked trust accounts can be next to impossible. Some additional information about Coogan accounts can be found in “What Is a Coogan Account?” and “What Is a Coogan Blocked Trust Account?”

Not long after we opened my daughter’s Coogan blocked trust account, the financial institution hosting it was taken over by another financial institution. They assured me that the transfer of her account would be handled seamlessly.

Trustee’s Statement

I had to have a new trustee’s letter/statement of account (see “What Is a Coogan Account?” for details on the Trustee’s Letter/Statement)  prepared to show all the new information for her Coogan account. The representative wanted to charge me $5.00 since they had previously prepared a statement for me. I asked to speak to the supervisor and got the $5.00 charge waived since it was not my fault. So at this point, I would definitely not have called it seamless, even though everything seemed to be going okay.

Fees Being Deducted From a Coogan Account

When I received my daughter’s first quarterly statement after her Coogan account had been inherited by the new bank, I noticed that fees were being deducted from her account.  I certainly was not happy about the changes to her account that was supposed to remain the same after the transfer.

I proceeded to make phone calls to investigate what was going on with her account at this point.  Why were fees being withheld from her Coogan account?   After talking to three different bank representatives and spending over an hour on the phone, one of the representatives assured me that it was just set up incorrectly and that it would be fixed immediately.

But when her next statement came, I noticed fees were still being deducted each month from her account! I thought the idea of the account being a blocked trust was that no money, fees included, would be deducted from her account. It took another hour of phone calls and finally a visit to the bank to get this problem fixed.

So, “Can a Bank Deduct Fees from a Coogan Blocked Trust Account?”

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What Is a Coogan Blocked Trust Account? (Showbiz Term of the Day)

Coogan Blocked Trust Account Image via Wikipedia

What Is a Coogan Blocked Trust Account?

For those with children interested in the entertainment industry, it is very important to understand what a Coogan Blocked Trust Account is.

As soon as you get a California entertainment work permit (see “Do You Need an Entertainment Work Permit for Your Child Actor?“) for your child, you also need to open a Coogan Account (see “What is a Coogan Account?” for more details) for that same child.

When I was trying to open a Coogan account for my daughter, I was confused and frustrated. I did not even know how to spell Coogan. All I knew was the name Coogan account. I did not really know what it was.

Many of the bank representatives I talked to had never even heard of a Coogan account.  So I went and researched the topic so I had more information to use to communicate with the bank employees.

So, “What is a Coogan Blocked Trust Account?”

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When You Become a Child Actor, How Do You Keep Up With Schoolwork?

If You Become a Child Actor, You Must Keep Up with Schoolwork, Image via Wikipedia

When you become a child actor, one of the hardest things to do is keep up with your schoolwork. If you (or your child) wants to become a child actor, you need to continuously train in acting and other related activities such as dancing and voice.

Often, there seems to be little time left for doing schoolwork.

When my daughter was young, missing a little school to go to auditions or coaching was seldom a big deal. Some teachers were more understanding than others. But still, making up the work was not much of a challenge, and the teachers/administrators rarely got upset about it.

But as my daughter has gotten older, it has become more difficult for her to miss class without sacrificing her grades and the respect of her teachers.  The teachers and administrators are less tolerant. They even make it more difficult to get work permit applications signed, even for children who are good students.

Also, the amount of homework assigned has increased significantly, making it more difficult to go to auditions.

My daughter is a good student, and she chooses schoolwork over acting on a regular basis. She is still involved in acting, but when she has to sacrifice one or the other, it is most often her acting career that takes a back seat to her academics. However, she does honor any commitments she makes related to her acting, music, and other activities.

As a parent, I am proud of her for this. How she does in school is likely to affect her for the rest of her life. And if she chooses not to continue acting as an adult, I want her to have other good options. I want her to be able to get into a good university. I also believe that following through with the commitments you make is important in becoming a responsible person.

We know many other young actors who have chosen to become homeschoolers or enroll in schools other than regular public schools in order to more easily pursue their show business careers.  This is a choice that parents and children will have to make together based on what works best for them and what best matches their goals and dreams in life.

This schoolwork vs. acting issue is a dilemma that every child (and the parents) face when considering what it takes to become a child actor.

So, “When You Become a Child Actor, How Do You Keep Up With Schoolwork?”

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What is Pilot Season? (Showbiz Term of the Day)

Big Bang Theory Was Cast in Pilot Season 2007, Image via Flickr

There is a lot of talk about “pilot season” right now in Los Angeles. That is because pilot season is going on right now.

The time referred to as “pilot season” used to be much more well-defined than it is now. But it does still occur.

My daughter and I have been friends with several young actors who landed roles on pilots during pilot season.

Pilot Season Has a Big Effect on the LA Area

It is at this time of year that masses of people, mostly actors, descend on LA hoping to be able to take advantage of the increase in activity in the entertainment industry here in LA.

It always seems that LA Traffic gets crazier, and certainly the entertainment work permit office gets busier. And a larger number of Coogan accounts are probably opened at this time of year as well.

And headshot photographers and reproductions offices get busier trying to help all the talent that has just flooded into the area get their headshots ready for distribution as well as the local talent doing the same thing.

Talent Agencies and Talent Managers

Talent agencies and talent managers also get busier. And many agencies and managers in the LA area who work with actors who come here at this time of year become somewhat distracted from their local talent as they focus on sending their seasonal talent out on as many auditions as possible during the short time they are here.

In fact, just about all businesses involved in the entertainment industry get busier at this time of year.

Let’s hope that with the economy in the state that it has been in lately, this will be a great pilot season, and the entertainment industry will come out of the slump it seems to have been in for a while.

So, “What is Pilot Season?”

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What Is SAG? (Showbiz Term of the Day)

SAG in LA, Wikipedia

You’ve probably heard the showbiz term “SAG” with regards to actors, awards, and projects.  You probably not only wonder what SAG is but probably also wonder “What Does SAG Stand For?”

I know “SAG” was one of many terms/acronyms I often heard and wondered about when my daughter and I first came to Los Angeles.

So, “What Is SAG?”

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What Is a Breakdown? (Showbiz Term of the Day)

The term “breakdown” is one you are likely to hear when you are starting your journey into show business. And the term “breakdown” here is not used to refer to someone’s psychological state or a car quitting on the side of the road.

I remember having my daughter’s talent manager refer to the information in what he called the “breakdown” when he was telling me about her first acting auditions. He did not send me a copy or give me any other information about it, so I really did not know what a “breakdown” was.

I discussed breakdowns and who gets the breakdowns in “Who Gets the Breakdowns for Acting Auditions for Big Movie and TV Roles?” So please check that post out for additional information on this topic.

So, “What Is a Breakdown?”

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What Are the Sides for Acting Auditions? (Showbiz Term of the Day)

What Are Sides for Acting Auditions for Film and TV?

The mention of “sides” to anyone who is not involved in the television or film industry or who is not already going on acting auditions or taking a child to acting auditions is likely to result in a confused look.

So today I have chosen “sides” to be the “Showbiz Term of the Day.”

I remember my confusion when I first heard my daughter’s talent manager tell me he was sending me the sides for her to learn before her acting auditions. I did not want to show my ignorance by asking “What are sides?”

“Sides” are yet another of the many acting terms that you will encounter that you are not likely to understand when you are getting started in the entertainment industry.

Yet the term sides will become very familiar once you join the community of actors and begin actively auditioning. (For more on acting auditions, see “What Happens at Movie Auditions for Kids?“)

So, “What are the sides for acting auditions?”

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What is a “CD” as Related to Acting Auditions? (Showbiz Term of the Day)

I am starting a new series called “Showbiz Term of the Day.” Today’s showbiz term of the day is “CD.” Do you know what CD refers to when it is used related to Acting Auditions or Print Auditions?

I know I wondered what the term CD meant when I first heard it used when my daughter went on her first acting auditions. Acting terminology can be very confusing, especially when it comes to many of the acronyms that are often used.

You have probably heard “CD” used in several different ways I can think of right off the top of my head.

The most common uses of CD that come to mind are “Certificate of Deposit” and “Compact Disc.”

Neither of those is the term I am defining today. I am discussing CD in relation to acting auditions and show business.

So, “What is a CD as Related to Acting Auditions?”

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