More big Wall Street banks are throwing their weight behind “Trump Accounts.” Bank of America, JPMorgan, and Wells Fargo said they would match the $1,000 the government is putting into their employees’ eligible children’s retirement accounts. Visa even said it will let its cardholders tap their cash rewards to deposit them into their Trump accounts — turning Americans’ fondness for debt into an asset for the next generation. (Baby’s first points!) Treasury Secretary Scott Bessent said 600,000 families have already signed up for accounts since tax-filing season started on Monday.
The real prize is yet to come: the Treasury is set to choose a firm to manage the accounts in the coming weeks, according to a person familiar with the matter. It has told interested bidders that it wants a custodian bank that already has federal contracts, a group that would also include Bank of New York, Charles Schwab, and State Street — which helps explain why all three were early supporters of Trump accounts. The contract itself is likely not a huge moneymaker, but it’s a way to acquire millions of customers whose wealth might grow over time.