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, 6.5 million Trump Accounts have been opened, with 1.5 million eligible for the $1,000 seed funding. Despite this, some parents have reported delays in receiving the funding, with some being told it could take up to four weeks to arrive.

Masaki and Kristina McLellan, new parents from Bergen County, New Jersey, said they were initially wary of signing up for the accounts but were persuaded by the $1,000 incentive. However, after applying for the account on July 6, they were told it would take 10 days to process, and later, up to four weeks.

The Treasury Department has attributed the delays to “standard processing time, like receiving a tax refund.” The department has also stated that the overwhelming majority of parents are only waiting one to two days for the funding to arrive.

Purpose of Trump Accounts

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

The program has been compared to “baby bonds,” which are championed by Democratic-led cities and states to shrink the wealth gap between low- and high-income children. However, Trump Accounts are available to families of all incomes, unlike most baby bonds, which generally target kids from disadvantaged backgrounds.

Original reporting: NBC4 Los Angeles — read the source article.