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JPMorgan Chase and Bank of America will allocate $1,000 to the government to set up “Trump Accounts” for employees’ children.
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These banks each employ more than 160,000 people in the United States.
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The “Trump Account” is a Treasury-sponsored account that provides $1,000 to new Americans.
JPMorgan Chase and Bank of America are among the latest financial companies to pledge contributions to “Trump Accounts” for the children of U.S. employees.
On Wednesday, the banks announced they would match the government’s contribution with a one-time contribution of $1,000 to Newborn Investment Accounts, known as “Trump accounts” for employees’ children. Their announcement coincided with the “Trump Account Summit,” where President Donald Trump and Treasury Secretary Scott Bessant were speaking.
For JPMorgan, the news comes just a week after the president sued the bank and its chief executive, Jamie Dimon, for $5 billion over accusations of politically motivated debanking. A source familiar with the bank’s move said the company had been planning the donation since the Trump account was announced in June.
Dimon said in a press release about the announcement that JPMorgan Chase has more than 190,000 employees in the United States alone.
“By matching this donation, we’re making it easier for them to start saving early, invest wisely and plan for their family’s financial future,” he said in the release.
Bank of America shared the news with its 165,000 U.S. employees in an internal memo reviewed by Business Insider. In addition to matching contributions, the bank will allow “eligible teammates” with children to make pre-tax contributions to the account through payroll deductions.
“We appreciate the federal government’s innovative solutions for workers and families planning for the future, and we welcome the opportunity to participate,” the memo said.
The banks join a list of companies that have pledged to match $1,000 employee contributions to their children’s Trump accounts, including BlackRock and Charles Schwab. Goldman Sachs CEO David Solomon attended a White House roundtable in June and expressed support for the plan.
Through this program, every U.S. citizen born between January 1, 2025, and December 31, 2028 will have access to a Treasury-funded account. Parents can contribute up to $5,000 per year, and the program will begin on July 4, 2026. It’s one of many initiatives Trump has touted during his second term to provide free money to Americans, some of which have yet to materialize.