Black bank card program to steer cash payments to single mothers in government housing
The card will fund grants to nonprofits that provide direct cash to families, and a credit card with interest capped at 12% is planned later.
- On Friday, Redemption Bank launched the Bank King Card to support single mothers in government-subsidized housing, with donations from each new account opened directed to Nonprofits serving needy families.
- Chief Executive Ashley Bell announced the initiative coinciding with the one-year anniversary of Redemption Holding's acquisition of Utah-based Holladay Bank and Trust, which focuses on commercial lending and small business loans.
- This regenerative banking model mirrors direct-cash programs like the Ohio Mother program, which provided $500 monthly stipends to single mothers for essential goods, helping them escape poverty.
- A 2026 report by the Urban Institute and the Jeremiah Program found households led by single mothers experience widespread economic and caregiving hardship, validating the need for targeted interventions.
- Redemption Bank plans to introduce a credit card with interest rates capped at 12%, creating additional financial tools aligned with supporting long-term family stability for mothers and children.
34 Articles
34 Articles
Black bank card program to steer cash payments to single mothers in go
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 mod…
Associated Press News
Black bank card program to steer cash payments to single mothers in government housing
One of the few Black-owned banks in the U.S. is introducing a debit card aimed at helping single mothers who live in government subsidized housing escape poverty.
Black Bank Card Program to Help Single Mothers
One of the few Black-owned banks in the United States has launched a new debit card initiative aimed at helping single mothers living in government-assisted housing break the cycle of poverty. Redemption Bank unveiled the Bank King Card on Friday in observance of Juneteenth, with the institution pledging to direct donations from every new account opened to nonprofit organizations that provide direct financial assistance to struggling families. A…
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