More than 60 million American children under age 18 have been automatically enrolled in Trump Accounts, according to the U.S. Treasury Department. The accounts, also known as 530A accounts, are designed to help children begin building savings and investments for the future.

The program officially launched July 4 and is available to U.S. children under 18 who have a Social Security number. Until now, parents or guardians had to take steps to enroll their children. The new system automatically creates the account for eligible children, but parents or guardians must claim it before they can manage the account or allow others to contribute.

They can claim the account through the Trump Accounts app by verifying their identity and relationship to the child and accepting the account terms. Children born between 2025 and 2028 may also qualify for a one-time $1,000 contribution from the Treasury. However, the automatic enrollment does not automatically provide the $1,000. A parent or guardian must first claim the account before the contribution can be received.

The Treasury Department said the automatic enrollment is intended to make it easier for more families to participate in the program and expand the number of children who can benefit from the accounts.

This article was independently written by the BJL Newsroom based solely on reporting from CNBC.