Redemption Bank Launches Debit Card for Single Mothers in Subsidized Housing, Pledging Fixed Annual Donations to Cash-Aid Nonprofits

Redemption Bank launched the Bank King Card debit card on June 19, 2026. The card is offered to single mothers living in government-subsidized housing. The bank will donate a fixed annual amount from every new account to nonprofits that provide direct-cash services.

The donation amount is set each year by Redemption Bank’s board of directors and does not depend on card purchase volume. Nonprofits apply for grants through a foundation established by the bank. A credit card version is planned for later introduction with interest rates capped at 12 percent.

Bernice A. ” Redemption Bank is based in Holladay, Utah, and is one of the few Black-owned banks in the United States. Redemption Holding Co. acquired Holladay Bank & Trust one year earlier, when the bank had approximately $65 million in assets.

The bank primarily focuses on commercial lending and small business loans. A 2026 report by the Urban Institute and the Jeremiah Program states that households led by single mothers experience widespread economic and caregiving hardship. The Ohio Mother’s Trust pilot program provided $500 per month for one year to 32 single mothers in the Columbus, Ohio, area.

Juanita Amakor, 36, received funds through the program and said the support gave her “breathing room” and relieved anxiety while helping cover rent and other bills for her and her 7-year-old daughter. The Rx Kids program in Michigan provides a one-time $1,500 allocation during pregnancy followed by $500 per month during the child’s first months.

Kinea Wright, 46, received funding through the program in Flint after her husband was injured in a forklift accident.