Parents still waiting for $1,000 from Trump Accounts despite Treasury promise
Although the Treasury Department assures that deposits arrive in one or two days, some families report weeks of waiting
Some families continue to wait for the initial $1,000 deposit from Trump Accounts, even though the Treasury Department maintains that most payments are reflected within one or two days of completing the enrollment process.
The program, promoted by President Donald Trump, seeks to encourage savings and investment from childhood through accounts with tax benefits for minors. However, while the White House promotes the initiative as a tool to strengthen the wealth of new generations, some parents say that the promised money has not yet appeared in their accounts.
Families report delays in deposit
According to AP information, one of the cases is that of Masaki and Kristina McLellan, a couple from New Jersey who opened an account for their daughter Maya, born in March of this year.
After completing registration on July 6, the family expected to receive the deposit within 10 days. However, after contacting the program's hotline, they were informed that the transfer could take up to four weeks.
“We certainly want to give him options for his future and make sure he can choose what he wants to do,” Kristina McLellan told the agency.
The family explained that, although they already have other savings instruments for their daughter, they hoped that the government incentive would arrive within the announced time.
The Treasury defends the program
The Treasury Department stated that the McLellans' case is unusual and assured that the vast majority of families receive the $1,000 in one or two days. However, he acknowledged that some applicants are informed of a longer deadline as a preventative measure, similar to the processing time for a tax return.
The agency also highlighted that Trump Accounts have accumulated around 6.5 million registrations and described the program as the “most popular and successful” government-backed savings product in the country's history.
Even so, the delays reported by some beneficiaries have raised doubts among parents who expected to receive the incentive more quickly, while the program continues to expand throughout the country.