Redemption Bank Introduces Debit Card to Increase Financial Opportunities for Single Mothers.
The Bank King Card by Redemption Bank pays tribute to Dr. Martin Luther King Jr.
Tishaura O. Jones understands the challenges of being the sole provider for a family and recognizes how meaningful financial support can be during that journey.
As the former mayor of St. Louis and a single mother to a teenage son, Jones believes that addressing the needs of Black single mothers creates benefits that extend far beyond one community. “When you solve the problems of Black single mothers, you solve everybody’s problems because there aren’t too many problems that Black single mothers experience that everybody doesn’t experience,” she said. “We all want the same things. We all want our children to be healthy, to be educated. We want to live in safe neighborhoods. We want to be able to provide whatever our children need.”
More mothers like Jones may soon have the opportunity to breathe a little easier and look toward a brighter future, thanks to a new initiative from one of the nation’s few Black-owned banks. Launched on Juneteenth, the Bank King Card by Redemption Bank is the first banking platform of its kind created to expand economic opportunities and help families transition from financial hardship to greater stability. Each time a customer opens a debit card account, a portion of the proceeds supports the newly formed Redemption Foundation, which provides assistance to women and children by helping meet their basic income needs.
Ashley Bell, chairman and CEO of Redemption Holding Company, described the Bank King Card as a new approach to banking that focuses on creating lasting economic impact. He said the initiative invests in mothers who are only a small financial boost away from overcoming poverty while helping expand access to opportunities that have long been out of reach for many Americans.
Redemption Bank, one of the country’s newest Black-owned financial institutions, is also the first Black-owned bank to establish its headquarters outside a historically underserved community.
The Bank King Card will be offered as both a debit and credit card and can be used anywhere Mastercard is accepted. The debit card is available now, while the credit card is expected to launch soon. According to the bank, the upcoming credit card is designed to provide a more affordable option than many conventional credit cards.
Customers are not required to pay additional fees, make donations, or increase their spending. Instead, the initiative simply encourages consumers to choose Redemption Bank for their everyday banking. Bank officials also noted that individuals from any U.S. state are eligible to open an account with Redemption Bank.
Supporting Mothers in Building a Stronger Financial Future
One of the first organizations to partner with the Redemption Foundation is the Georgia Resilience and Opportunity (GRO) Fund through its guaranteed income initiative, In Her Hands. The program supports women in urban, suburban, and rural communities across Georgia by providing unrestricted direct cash assistance. Participants can use the funds for childcare, transportation, housing, education, healthcare, and other essential needs that promote long-term financial stability and upward mobility.
“What we’ve found is that most people are already making responsible financial decisions. The challenge is that their expenses often exceed what’s coming in,” said Hope Wollensack, founding executive director of the GRO Fund. “That extra financial cushion can provide much-needed breathing room.”
“This program gives people the ability to plan for the future,” she said, explaining that In Her Hands provides guaranteed income support for two to three years. “With that added sense of stability, participants can begin thinking about what comes next—whether that’s pursuing a new career path, enrolling in post-secondary education or a certification program, or even starting a small business.”
Advancing Dr. King’s Vision
The Bank King Card was intentionally named to honor the life, work, and enduring legacy of the late civil rights leader Dr. Martin Luther King Jr.
His daughter, Dr. Bernice A. King, serves as senior vice president of Redemption Bank and said the initiative reflects the institution’s mission to combat poverty and broaden access to economic opportunities.
“Economic opportunity must be practical, accessible, and rooted in the needs of families,” King said. “The Bank King Card offers an innovative way for people to align their financial decisions with their values while helping support mothers, children, and families striving for long-term stability.”
Hope Wollensack, founding executive director of the Georgia Resilience and Opportunity (GRO) Fund, explained that the organization was established about five years ago after listening to residents in Atlanta—particularly those in the historic Old Fourth Ward, a community where significant economic disparities remain. The neighborhood also holds deep historical significance as the birthplace of Dr. Martin Luther King Jr. and the final resting place of both Dr. King and Coretta Scott King.
Since its launch, the GRO Fund’s guaranteed income program has provided no-strings-attached financial assistance to approximately 1,000 women and their children across Georgia. Wollensack added that the program’s name was also chosen as a tribute to Dr. King’s legacy.
Wollensack noted that Dr. Martin Luther King Jr.’s vision extended beyond civil rights to include economic justice. She pointed to his final book, in which he wrote that “the dignity of the individual will flourish when matters concerning his life are in his hands, when he knows his income is certain and stable.” According to Wollensack, this belief in guaranteed income continues to inspire programs like In Her Hands, which has demonstrated meaningful benefits for participating women and families.
Tishaura O. Jones, who serves as treasurer of the Redemption Bank board and holding company, said the bank’s new initiative reflects approaches she has witnessed through other guaranteed income programs. During her time in St. Louis, Missouri, she helped launch a program that provided nearly 550 single mothers with $500 per month for 18 months, giving families greater financial stability and flexibility.
Jones said the initiative aligns with Dr. King’s vision of advancing economic justice, emphasizing that expanding financial opportunity is essential to helping families achieve long-term economic security and thrive.
