New debit card steers cash payments to struggling single mothers
Redemption Bank, one of the few Black-owned banks in the US, has launched the ‘Bank King Card’ to support single mothers in government-subsidized housing.
Launched on Juneteenth, the initiative involves donating a fixed annual amount from every account opened to non-profit organizations that provide direct cash services to needy families.
Ashley Bell, CEO of Redemption Holding Co., described the card as a “regenerative banking model” aimed at opening up opportunities for mothers to break out of poverty.
The program builds on the success of guaranteed income initiatives, which have been shown to provide dignity and allow mothers to make crucial decisions for their families.
Martin Luther King Jr’s daughter Bernice A. King, co-founder and senior vice president, said that the card offers a practical way for people to align their financial choices with their values while supporting families towards long-term stability.
