Frank Bisignano, who leads the Internal Revenue Service (IRS) and serves as executive-in-charge of Trump Accounts, on Oct. 29 announced a donation through his family fund to children in his hometown ZIP code in Brooklyn, where he grew up. Bisignano is the first senior Trump administration official to personally contribute to the program, CNBC reported. But his donation also raises a bigger question: How many families are taking advantage of the accounts? Millions of accounts have been created through automatic enrollment, followed by billions in private donations. Yet getting those funds to children still depends on a crucial step many families have not taken. Also Read: Trump accounts hide a Roth IRA strategy worth a fortune Bisignano’s family fund backs the Brooklyn neighborhood that shaped him The Bisignano Family Fund deposited $250 into the Trump Account of every eligible child aged 2 to 8 in Brooklyn’s 11234 ZIP code. The area covers his childhood neighborhoods of Marine Park, Mill Basin, Bergen Beach, and Flatlands, and includes one of the most densely populated ZIP codes in the country, the IRS reported. Each $250 deposit went directly into a diversified index fund that tracks the performance of major United States companies and grows tax-deferred over the child’s lifetime. Bisignano also serves as commissioner of the Social Security Administration (SSA) and was tasked in July 2026 with leading the program’s national expansion. He described the gift as an investment in the community that formed his career and urged other donors to support children across their neighborhoods. Trump Accounts are transformational savings vehicles that will provide the next generation and future generations a strong financial foundation. His donation drew attention to a challenge the program has yet to address: turning massive enrollment numbers into active family participation. Fewer than 1% of 60 million auto-enrolled Trump Accounts have been claimed The Treasury Department completed automatic enrollment for Trump Accounts on Oct. 1, creating accounts for roughly 60 million eligible children, Treasury Secretary Scott Bessent confirmed. That push brought the program’s total past 70 million accounts. Only about 164,000 accounts had been claimed in the first week after auto-enrollment, fewer than 1% of the newly created total. Helen Morrison, Benefits Tax Counsel at the U.S. Department of the Treasury, disclosed that figure at an American Bar Association tax meeting, Bloomberg Law reported. More Personal Finance: Pay raises trail inflation so Ramit Sethi says, “Ask for $5,000” Your home insurance deductible could be $20,000. Would you be ready? Why your next car purchase will be an affordability nightmare Parents must claim their child’s account through the official Trump Accounts app to access the $1,000 Treasury seed for eligible children born between 2025 and 2028, the Treasury Department clarified. Families must also claim before they can receive contributions from outside donors or employers. About 80% of the auto-enrolled accounts belong to families that earn less than $200,000 per year, Morrison said at the same conference. The claim gap falls hardest on the middle- and lower-income households the program was built to serve. Trump Accounts reached 60 million eligible children, but fewer than 1% of families have claimed their accounts and unlocked the Treasury’s $1,000 seed. Edwin Tan / Getty Images Private donors pour billions into Trump Accounts most families have not claimed Private donors have committed billions to Trump Accounts since they launched on July 4, 2026, under the One Big Beautiful Bill Act. Michael and Susan Dell committed $6.25 billion through their foundation to seed $250 in accounts for 25 million children ages 10 and under in ZIP codes with median household incomes below $150,000, the largest single private commitment to children in the United States, CNBC reported. Elon Musk pledged on X on Oct. 19 to give every child in America one of his personal SpaceX shares in 2027, a gift potentially worth more than $10 billion at the company’s Oct. 16 closing price of $146.03. Altimeter Capital CEO Brad Gerstner, who helped design the program, pledged up to $100 million to deposit $250 into Trump Accounts for every Indiana child under age 5, Mirror Indy reported. Bisignano announced on the same day as his Brooklyn donation that he would chair a new advisory council to expand participation, Bloomberg Tax reported. Trump Accounts have received about $4.5 billion in combined contributions, roughly $1.3 billion from the $1,000 federal seed, more than $600 million from families and friends, and about $2.6 billion from philanthropic donors including the Dells and Ray Dalio, according to Bloomberg Law. Christopher Gandy, President of the National Association of Insurance and Financial Advisors (NAIFA), told InvestmentNews that private giving has outpaced the outreach needed to help families understand and use their accounts. What claiming a Trump Account unlocks for families and grandparents Once a parent activates their child’s account, the contribution structure extends beyond the initial government deposit, Gandy wrote in a column for InsuranceNewsNet. Family members, including grandparents, friends, and other relatives, can contribute up to $5,000 per year from all individual sources combined, while employers can add $2,500 in pre-tax salary deferrals, Bloomberg Law reported. “Public policy can create opportunity, but trusted financial guidance helps families turn opportunity into lasting financial security,” Gandy said. Parents and grandparents who work with a financial professional can position a Trump Account alongside 529 education plans and retirement contributions, Gandy recommended. The temporary regulations governing contribution rules and investment restrictions remain open for public comment until Nov. 30, meaning the structure could shift before those rules become permanent, Morgan Lewis reported. The Treasury Department has said that only after a parent downloads the official Trump Accounts app and completes the claim process can a child’s account begin receiving the federal $1,000 seed, employer deferrals, and private donor contributions. Related: IRS CEO has good news for all Americans on Trump Accounts
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