Apr. 6 at 2:51 PM
Treasury Dept has designated
$BK as a financial agent to manage the initial Trump accounts for children.
The bank is partnering w/
$HOOD to tap its design & tech know-how to develop a Trump Accounts app & provide customer service
The app will be a custom white-label product for Treasury, meaning it won’t have BNY or Robinhood branding.
Wall Street firms have been angling for a role in the program since it was announced, in part because the accounts are a potential gateway for acquiring customers for life.
All children w/ a Social Security number can have an account, but only those born b/n 2025-2028 who are US citizens & have a Social Security number are eligible for
$1,000 in seed money from the federal govt. So far, about 4M children have been signed up, w/ about a quarter of them eligible for the
$1,000 funding
Treasury Dept to retain control over the app & operations for these initial accounts but within a year, people will be able to roll over to other financial institutions
