President Donald Trump has announced the completion of automatic enrollment of all children under 18 into Trump Accounts.

Nearly 8 million accounts have been created since the July launch. The new step adds about 70 million children.

Over 4.5 billion dollars have been deposited in Trump accounts since July 4, the president said.

However, auto-enrollment does not mean a child gets the government's 1,000-dollar seed contribution. Parents must claim the account first.

A parent or guardian must claim the account through the Trump Account mobile app. Only then can they manage it and receive the federal deposit.

Any child born during Trump's second term can receive the 1,000-dollar contribution. Unclaimed accounts stay with the Bank of New York Mellon as trustee.

About 10 percent of eligible children had accounts before this step. The president called the programme one of his most important acts.

Several children joined Trump in the Oval Office for the announcement. He handed out pens and challenge coins.