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.
31 Articles
31 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.
One of the few African-American-owned banks in the United States presents a debit card aimed at helping single mothers living in government-subsidized housing out of poverty.
Coverage Details
Bias Distribution
- 48% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
