President Donald Trump is promoting Trump Accounts as a way to help children build wealth and give more Americans a stake in the stock market. But some parents who enrolled their children say they are still waiting for the accounts to receive the promised $1,000 in seed funding.
Trump is scheduled to speak Wednesday at a Georgia high school about the program, which offers $1,000 to every child born during his second term. The accounts became available July 4, two days before Trump rang the opening bells for the New York Stock Exchange and NASDAQ from the Oval Office.
Created through Trump’s signature One Big Beautiful Bill, the tax-advantaged accounts can be opened for any child under 18. The Treasury Department says there have been 6.5 million sign-ups, including 1.5 million accounts eligible for the $1,000 seed funding for babies born from 2025 through 2028. After an account is established, parents, relatives, friends and employers can contribute. Some billionaires have also pledged philanthropic contributions.
The money is transferred to private firms that invest it in index funds, which track the performance of the stock market. It cannot be accessed until the child turns 18, and then only for specified purposes, including education, opening a business or buying a home. Trump Accounts are available to families at all income levels, unlike most “baby bonds,” which generally target children from disadvantaged backgrounds.
Masaki and Kristina McLellan of Bergen County, New Jersey, were initially wary of signing up because they viewed the program as potentially promotional for the president. They enrolled after their daughter Maya, born in late March, became eligible for the $1,000 incentive. Masaki McLellan applied July 6. The application was initially rejected, but the account was activated after he spent an hour on the Trump Account hotline. He said he was first told the money would arrive within 10 days and later was told the transfer could take up to four weeks.
The Treasury Department described the delay as “standard processing time, like receiving a tax refund” and said the overwhelming majority of parents wait one to two days. The department said it provides a conservative estimate, such as the four-week estimate given to the McLellans. Kristina McLellan said she was disappointed by the delay, although Maya already has a 529 college savings plan and a custodial brokerage account. “We definitely want to give her options for her future and make sure she can choose what she wants to do,” she said.
The program has also drawn criticism from those who say it does not help families during a child’s earliest years, when children are most likely to experience poverty, homelessness and hunger. The law creating the accounts also reduced funding for Medicaid and the Supplemental Nutrition Assistance Program, programs that are disproportionately used by children. Trump’s promotion of the accounts comes as he and fellow Republicans face pressure over the economy ahead of the midterm elections. A June survey by The Associated Press-NORC Center for Public Affairs Research found that 33% of U.S. adults approved of Trump’s economic leadership.