September 11, 2013
In order to obtain a work permit, all talent under 18 are required to open a trust account.
Visit a local bank (we recommend Chase, Bank of America, Citibank, etc.).
Request to open a UTMA (uniform trust to minors) or UGMA(uniform gift to minors) account.
If you prefer, you can also ask for a Blocked Trust Account. This can be obtained at the ACTORS FEDERAL CREDIT UNION (165 W. 46TH Street, New York, NY 10036).
Please note each of these accounts have their individual benefits. We advise that you speak with your bank’s investment specialist when determining which account is best for your child.