The Treasury Department said on October 1 it completed automatic enrollment of more than 60 million children into newly created "Trump Accounts" (530A accounts) first launched on July 4. Parents or legal guardians must claim each account via the official app, verify identity and relationship, and opt in to receive a one-time $1,000 federal seed payment. Eligibility covers children under 18 with Social Security numbers, and citizens born 2025–2028 also qualify. Private donors including Michael and Susan Dell and Ray and Barbara Dalio have pledged funds to support eligible children.
Treasury Auto-Enrolls 60M+ Children in New 'Trump Accounts' — Parents Must Claim Accounts to Get $1,000 Seed
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The U.S. Department of the Treasury announced on October 1 that it has completed automatic enrollment for more than 60 million American children into newly created financial accounts commonly referred to as "Trump Accounts." The accounts, officially labeled 530A accounts and first rolled out on July 4, have been created for eligible children, but parents or legal guardians must claim each account and opt in to receive a one-time federal seed contribution.
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Treasury Secretary Scott Bessent told CNBC that automatic enrollment represents a major expansion of the program. "Millions of children have already enrolled in Trump Accounts. With automatic enrollment, over 60 million more eligible children now have an account ready to be claimed," he said, noting that roughly 8 million accounts were active as of his mid-September testimony to the House Committee on Financial Services.
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Who Is Eligible? All children under 18 who have Social Security numbers are eligible for 530A accounts. The Treasury also said citizens born from 2025 through 2028 qualify for the one-time $1,000 contribution. Automatic creation of an account does not automatically trigger the payment.
How Parents Claim Accounts and Receive the $1,000
To receive the government’s one-time $1,000 seed contribution, a parent or legal guardian must claim the child's account through the official Trump Accounts app. Claiming the account requires identity verification and proof of relationship to the child, reviewing the account information, and accepting the account terms. Only after the claim and verification steps can families opt in to receive the payment.
Contributions and Restrictions
A child's account must be claimed before family members, friends, or employers can make contributions or before the government payment can be delivered. Parents may contribute up to $5,000 per year to each child’s account, while employers may contribute up to $2,500 per year. New Treasury rules also allow donations of publicly traded stock, but generally require donated stock to remain in the account for at least five years before it may be sold.
Regulatory Context and Private Support
The automatic enrollment follows Treasury regulatory proposals released two days earlier authorizing the agency to create accounts on behalf of eligible children. While the program received criticism after its launch, several high-profile donors have committed funds to support eligible children. A July Business Insider report said Michael and Susan Dell committed $6.25 billion to provide $250 to qualifying children born from 2016 through 2024 who live in ZIP codes with median household incomes of $150,000 or less. Hedge fund founder Ray Dalio and his wife Barbara have made similar commitments for younger children.
What Families Should Do Now
Parents and guardians should check the official Trump Accounts app or the Treasury website for instructions, complete identity and relationship verification if they wish to claim an account, and opt in promptly if they want the one-time $1,000 seed contribution. Unclaimed accounts remain inactive for contributions until claimed.
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