600,000 Long Island children are being automatically enrolled in Trump Accounts. Here's what to know.

WASHINGTON — More than 60 million U.S. children under the age of 18 — including more than 600,000 on Long Island — have been automatically enrolled in the federal government’s Trump Accounts program which provides minors with a federally run investment account they can access as adults, President Donald Trump said Wednesday.

Trump, speaking from the Oval Office, said the Treasury Department over the past week automatically enrolled millions of U.S. citizens under the age of 18 into the program that was launched in July. The program, established under the massive 2025 tax-and-spend bill passed by Congress, initially required families to enroll their children online or through a separate tax form. Trump, however, said his administration sought to expand enrollment beyond the 10 million who had signed up over the last few months, to ensure those eligible for $1,000 in seed money and those eligible for donations pledged by some philanthropists for children in certain ZIP codes could ultimately receive those funds.

Under the 2025 tax bill, only those born in Trump’s second term — between Jan. 1, 2025, and Dec. 31, 2028 — will be eligible for $1,000 in seed money deposited by the Treasury Department, but a number of philanthropies and foundations have committed to depositing money into accounts based on ZIP codes or regions.

The Michael & Susan Dell Foundation, among others, have pledged donations to children born before the Trump Accounts were launched, working with the Treasury Department to issue payments to minors hailing from ZIP codes with low to middle household incomes. Those foundations are working directly with the Treasury Department to identify eligible ZIP codes, and deposits will be made automatically.

"This money is your child’s future," Trump said.

Here’s a look at the latest on the Trump Accounts:

How can I check if an account has been set up for my child?

The Treasury Department is directing families to download the Trump Accounts app available at trumpaccounts.gov. The app asks families to submit information confirming the parent or guardian's identity and their relationship to the child. Once an account is claimed, parents and guardians have the ability to "control the account, manage investments, and enable contributions from family, friends, and eligible employers," according to the Treasury Department.

What happens if I don’t claim the account on behalf of my child?

Unclaimed accounts that contain deposits — either from the $1,000 in seed money for those born in Trump’s second term or through philanthropic donations given to children in certain ZIP codes — will be managed by the global financial services firm BNY, according to the Treasury Department. The department said families can claim the accounts at any point, and if parents or guardians don’t, the child can still claim it once they turn 18.

How do the accounts work?

Once claimed, families can use the accounts to deposit contributions from relatives, friends and employers up to $5,000 per child per year, according to the Treasury Department. Once 18, an account holder can withdraw money for educational expenses, to purchase a home or for startup business costs. The accounts will be invested in a low-cost, exchange-traded fund that tracks the S&P 500 index called State Street SPDR Portfolio S&P 500 ETF, according to the Treasury Department, but families will eventually have the option to invest in four additional ETFs managed by the financial firms Blackrock, Vanguard and State Street.

How do I enroll my child if they have not been enrolled?

The Treasury Department said it will continue to work with the Social Security Administration to enroll eligible newborns once they receive a Social Security number, but if parents believe their child was erroneously not enrolled they can also enroll on the app or by filling out IRS Form 4547.

By Laura Figueroa Hernandez

laura.figueroa@newsday.com@Laura_Figueroa

Laura Figueroa Hernandez is the White House correspondent and previously covered New York City politics and government. She joined Newsday in 2012 after covering state and local politics for The Miami Herald.