Nearly 70 million kids now have a Trump Account—but parents have to claim it first. Here’s who gets the $1,000

The Trump administration says nearly every child in America now has a Trump Account. Whether the money in those accounts ever adds up to much is a different question.

The Treasury Department announced Oct. 1 that it had finished automatically enrolling eligible children in the tax-advantaged investment accounts, creating accounts for more than 60 million kids who didn't already have one. Combined with the families who signed up on their own, that brings the total to nearly 70 million accounts, according to the White House .

"Today, I'm pleased to announce that every single eligible minor child in America has now been automatically enrolled in a Trump Account," President Donald Trump said at an Oval Office event on Oct. 7.

But having an account doesn't mean it's ready to use. A parent or guardian still has to claim it through the official Trump Accounts app before they can manage it, accept contributions from family and friends, or collect the government's $1,000 seed deposit for eligible children.

The switch to automatic enrollment followed slow uptake. Before the change, Treasury had processed about 5.6 million sign-up forms, less than a tenth of the roughly 73.4 million children eligible, InvestmentNews reported . Fortune previously reported that some families who signed up early were still waiting on their promised $1,000 .

Since the program launched on July 4, more than $4.5 billion has been deposited into Trump Accounts, including $1.3 billion in government seed contributions, more than $600 million from family and friends, and $2.6 billion in philanthropic gifts, according to the White House. Spread across nearly 70 million accounts, that averages out to about $64 per child.

Much of the philanthropic money comes from Michael and Susan Dell's $6.25 billion pledge, which provides $250 to up to 25 million children age 10 and under who live in ZIP codes with median household incomes below $150,000. More than 70 companies have also signed on to contribute to employees' children's accounts, the White House said, following early commitments from firms like JPMorgan Chase and Bank of America .

The administration has pitched the accounts as a path to serious wealth. The calculator on TrumpAccounts.gov projects that a lone $1,000 seed could grow to $243,000 by age 55, and that an account receiving the $5,000 annual maximum could reach $13 million. Those numbers assume the S&P 500 returns more than 10% a year without interruption for 55 years. Financial planners who spoke with Fortune put more conservative estimates at roughly $1.5 million to $2 million by 55 for a maxed-out account, assuming a 7% return.