In the US, 25 million children received $250 in Trump Accounts — The Hill
In the United States, 25 million children received $250 each in Trump Accounts savings accounts, The Hill reports. The payments were made possible by Michael and Susan Dell’s pledged $6.25 billion contribution. According to officials, the funds were fully transferred by Friday, October 9.
Automatic account opening
Trump Accounts are intended for children’s savings, which they will be able to use after reaching the age of 18. Earlier this month, the US Treasury Department confirmed the automatic creation of more than 60 million such accounts for children who had not previously been enrolled in the program.
Trump Accounts had already been created for approximately 7 million children before the automatic crediting. According to US Treasury Secretary Scott Bessent’s estimate, up to 70 million children could be eligible for such accounts in total.
Who received $250
Children born between 2016 and 2024 who live in designated ZIP codes could qualify for the payment. Initially, contributions were directed to children in the lowest-income areas, after which the group of recipients was expanded until 25 million payments had been distributed.
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The program included ZIP codes where the median family income did not exceed $117,300. Children living on military bases also received contributions. Payments for children in foster families are expected next year, but the details are still being determined.
Parents or guardians who had not previously registered a child online or through tax documents must claim the automatically created account through the Trump Accounts app. To do so, they must verify their identity and relationship to the child, check the child’s information, and agree to the account terms.
Children who are too young for the $250 payment may be eligible for a one-time $1,000 contribution from the US Treasury Department. Children in the United States under the age of 18 with a Social Security number are eligible for a Trump Account.
