HOLLADAY, Utah — One of the nation’s few Black-owned banks is launching a new debit card program designed to help single mothers living in government-subsidized housing build financial stability and escape poverty.
The new Bank King Card, introduced by Redemption Bank in conjunction with Juneteenth, will direct donations generated through new account openings to nonprofits that provide direct financial assistance to low-income families, the bank said, ABC News reported.
“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,” Ashley Bell, chairman and CEO of Redemption Holding Co., said in remarks reported by ABC News.
How it Will Work
According to the bank, a fixed donation amount tied to each new account opening will be determined annually by its board of directors. Donations will not be linked to card spending levels. Funds will be distributed through nonprofit organizations that apply for grants through a foundation established to ensure the money reaches families in need.
Bell told ABC News that the program was inspired in part by guaranteed-income initiatives that have helped low-income women improve their financial situations.
“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.
ABC News cited a 2026 report by the Urban Institute and the Jeremiah Program that found households led by single mothers face significant economic and caregiving challenges.
Chastity Lord, president and CEO of the Jeremiah Program, told ABC News that direct cash assistance programs provide more than financial support.
‘Dignity’ Provided
“It provides dignity,” Lord said. “It ensures summer learning, not leaving kids at home. It increases nutrition. It allows the mom to make powerful decisions that benefit their children and their families instead of making decisions to just get by.”
Bernice A. King, the youngest daughter of Martin Luther King Jr. and a co-founder and senior vice president of the bank, said the new debit card aligns financial services with broader community goals.
“Economic opportunity must be practical, accessible and rooted in the needs of families,” King said, according to ABC News. “Bank King Card is an innovative way to support that work. It creates a practical opportunity for people to align their financial choices with their values while supporting mothers, children and families working toward long-term stability.”
ABC News reported that Redemption Bank plans to introduce a Bank King Card credit card in the future, with interest rates capped at 12%.
