IRS-created Trump Accounts automatically opened for eligible children

Automatic accounts and the rollout

The Independent reports that the IRS emailed some parents to say that children under 18 with valid Social Security numbers now have Trump Accounts. The message said nearly 70 million accounts had been created, whether parents wanted them or not. President Donald Trump announced the automatic enrollment at an Oval Office event on October 7. The accounts are described as a new kind of individual retirement account for people under 18.

Who can receive contributions

According to the report, children born from January 1, 2025 through December 31, 2028 can receive a one-time $1,000 government deposit, but parents must request that money. Older children can also have accounts, even if they do not qualify for the $1,000 contribution. The report says parents must claim the account before they can manage it. It also says there is no way to opt out of the automatic opening of the account.

Limits on closing the accounts

The Independent says a Treasury official stated that once a Trump Account has been claimed, it cannot currently be closed, no matter how it was created. An IRS email seen by The Independent told one parent to download the Trump Accounts app to activate the children’s accounts. The email also said the accounts were established by Trump’s Working Families Tax Cuts law and were intended to help children build savings and gain a stake in the country’s economic future.

Parents who object to the accounts

Quanisha Green, a Philadelphia mother of two, said she first learned about the accounts through an IRS email titled, “Claim your child's Trump Account today!” She said she wondered whether the message was legitimate and later decided she did not want any association with the accounts. Green, who has children ages 10 and 14, said she was also worried about her children’s personal data and said she lacked confidence in the administration.

Kate Pospisil, a Texas mother near Austin, told The Independent she was “horrified” that her 5-year-old daughter has an account without her consent. She said it disturbed her that a government entity opened a financial account in her child’s name through a bank and brokerage firm without her approval. Pospisil said she wanted an opt-out option and added that her objection was about government decision-making over her child, not only the Trump name.

Banking partners, donations, and remaining questions

The report says the Treasury has chosen the Bank of New York Mellon to support the program, with Robinhood Securities serving as brokerage provider and initial trustee. Pospisil said she did not know what information had been shared with those private companies and objected that they now have data they did not have before October 1. The Independent also reports that outside donors can still contribute to unclaimed accounts, and a Treasury official said automatic enrollment is meant to let eligible children benefit from qualifying philanthropic and government contributions as early as possible.

Parents and experts reacting differently

Neither Green nor Pospisil said their children qualify for the $1,000 payment, and both said they do not plan to activate or claim the accounts, though the accounts will still exist. The Independent also quotes investor and mother of two Liliya Rose Strong, who said she understands why some parents are uneasy but prefers to separate politics from investing. Strong said her own children were born before 2025, so they do not qualify for the federal contribution, but she would accept it if they did while still investing in their 529 plans. Green said there are still many unanswered questions about the program.