US banking giants to match government contribution to Trump Accounts
Source: Reuters
January 28, 2026 11:50 PM EST Updated 7 hours ago
Jan 28 (Reuters) - Bank of America (BAC.N), opens new tab and Wells Fargo (WFC.N), opens new tab will match the U.S. government's initial $1,000 contribution to the proposed Trump Accounts for eligible employees' families, according to internal memos seen by Reuters on Wednesday.
The Trump Account, created as part of President Donald Trump’s One Big Beautiful Bill Act and expected to be rolled out on July 4, will see the U.S. Treasury deposit $1,000 of seed money into investment accounts for all children born between 2025 and 2028 with a valid Social Security number.
Rival JPMorgan Chase (JPM.N), opens new tab also said it will match the U.S. government's one-time $1,000 contribution to children of eligible U.S. employees.
Trump on Wednesday urged American businesses to contribute to employees' family accounts. The president and his Republican Party have been seeking to address voters' affordability concerns ahead of the November midterm elections. The accounts have been pitched by backers as a long-term wealth-building tool to help children build savings early in life.
Read more: https://www.reuters.com/business/finance/bofa-match-us-governments-pilot-contribution-trump-accounts-memo-says-2026-01-28/
Meanwhile THEIR "wealth-building" is through massive tax breaks, grifts, and/or being nepo babies of grifters.
Back as a child here in Philly, we had the Philadelphia Savings Fund Society, chartered in 1816 and the very first savings bank to do business with the newish U.S. government. They brought "banking" into the schools starting back in the 1920s. where kids were given savings "passbooks".
In later years, kids could volunteer to be "the banker" to register the deposits done by their classmates (they literally had a little machine with a number keypad and built-in printer that hooked to a phone line to register the transaction, and print it onto the passbook pages). I think the "banking" was either once a week or once a month where kids could deposit their extra money into their real "savings account".
The passbook I used to have looked this -
PSFS passbook outer cover opened up (and laid flat)
The bank itself was eventually absorbed into other savings banks and thus went bye bye.
Back in the day: Cashing in on PSFS school banking flashbacks
The 1930s PSFS building (still here with its iconic logo on top and now a Loews Hotel) was considered the first "modern"-look skyscraper in the U.S. (when most others were doing the Art Deco thing) -
If you want to instill the idea of "banking" and "saving" that goes a step above the literal "piggy bank", the shit being described in the OP article is NOT the way to do it.
Sometimes going back to "old school", without the grift, but with the participation of actual children, helps to make it feel like they are a part of their own financial decisions and can "see" the results.
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