President Donald Trump’s Trump Accounts, which offer $1,000 in seed money to every child born during his second term, have been available since July 4. However, some parents are still waiting for the money to arrive.

Delays in Funding

According to the Treasury Department, the lag between opening an account and receiving the seed funding constitutes “standard processing time, like receiving a tax refund.” The department estimates that the overwhelming majority of parents are only waiting one to two days, but some parents have been told it may take up to four weeks.

Masaki and Kristina McLellan, new parents from Bergen County, New Jersey, applied for a Trump Account for their daughter Maya, who was born in late March. After initially being rejected, the account was activated, but the couple was told it would take 10 days to receive the $1,000. Now, they have been told it may take up to four weeks.

The Trump Accounts are designed to give every parent the opportunity to invest in their children’s future, regardless of income level. The accounts can be opened for any child under the age of 18, and parents, relatives, friends, and employers can contribute to them.

Program Details

The Trump Accounts are similar to “baby bonds,” which are meant to shrink the wealth gap between low- and high-income children. However, unlike most baby bonds, which generally target kids from disadvantaged backgrounds, Trump Accounts are available to families of all incomes.

The program has faced criticism from those who say it does nothing to help families in a child’s first years of life, when children are most likely to experience poverty, homelessness, and hunger. The bill that created the program, the president’s signature One Big Beautiful Bill, also slashed funding for programs that are disproportionately used by children, including Medicaid and the Supplemental Nutrition Assistance Program.

Original reporting: NBC Connecticut — read the source article.