Trump Account to Launch Next Week Without Account Migration Service

According to Semafor, the Trump administration's Trump Account is expected to launch next week, but currently lacks any mechanism allowing financial institutions to migrate customer savings accounts to their own platforms. Institutions including Chime, Empower, Fidelity, and SoFi had hoped to facilitate account transfers from the Treasury Department-backed application co-developed with BNY Mellon and Robinhood. Sources indicated these firms are now awaiting regulatory guidance, expected by August at the latest, before they can proceed with migrations.
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