One of the few Black-owned banks in the United States is introducing a debit card aimed at helping single mothers who live in government-subsidized housing escape poverty.The Bank King Card debit card will be offered beginning Friday in honor of Juneteenth by Redemption Bank, which will make a donation from every account opened to nonprofits that will steer the funding to needy families.“Bank King Card represents a new regenerative banking model that starts with investing in mothers who are a few hopeful dollars away from breaking out of poverty, and opening up America’s vaults of opportunity that have been closed to too many for too long,” Redemption Holding Co. chair and Chief Executive Ashley Bell said.A 2026 report by the Urban Institute and the Jeremiah Program says households led by single mothers experience widespread economic and caregiving hardship.
Redemption Bank, based in Holladay, Utah, says it intends to make fixed-amount donations based on new Bank King Card account openings. The amount will be determined annually by the bank’s board of directors and will not be based on the amount of card purchases, according to Redemption Bank.
Nonprofits that provide direct-cash services would apply for grants through a foundation developed to make sure the money gets to those who need it most.“What we’ve seen is these guaranteed income programs have been a jolt out of poverty for women around the country, including many women of color,” Bell said.
