Is it legal to transfer an existing Coogan Account from another bank to the Credit Union?
Yes. According to California Family Code (Section 6753), a Coogan account owner can transfer funds to the financial institution of their choice provided that the funds transferred shall continue to be held in trust. You should send a Coogan Transfer Letter to your current bank to let them know you are transferring the funds to AFTRA-SAG FCU. Transfer time is dependent on the responsiveness of the other financial institution. If you need assistance, contact the AFTRA-SAG Coogan Desk at (818) 562-3400 ext. 3494.
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