ATLANTA, GA — Redemption Bank announced the launch of Bank King Card, a first-of-its-kind banking platform designed to advance economic opportunity and support families working to move from poverty to possibility.
By choosing Bank King Card, consumers are supporting organizations working to end cycles of poverty starting with working mothers. For every Bank King Card account opened, Redemption Bank will make a donation to the Redemption Foundation whose mission includes supporting guaranteed income programs that help mothers with children living in government subsidized housing move from poverty to possibility.
For Dr. Bernice A. King, senior vice president of Redemption Bank, the initiative reflects Redemption Bank’s commitment to addressing poverty and expanding economic opportunity.
“Economic opportunity must be practical, accessible and rooted in the needs of families,” King said. “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.”
One of Redemption Foundation’s inaugural partners will be the Georgia Resilience and Opportunity (GRO) Fund and its guaranteed income program In Her Hands, which serves women in urban, suburban, and rural communities across Georgia. The program provides unrestricted, direct cash support that participants can use for a variety of purposes, including childcare, transportation, housing, education, healthcare, and other priorities that help create long-term stability and mobility.
“We’ve seen firsthand how small amounts of cash can make a profound difference in a family’s life,” said Hope Wollensack, founding executive director of the GRO Fund. “For some mothers, it’s a buffer between jobs. For others, it’s the ability to avoid debt, pursue a promotion, return to school, or secure reliable childcare. What we’re really creating is space. Space to make decisions, space to plan for the future, and space to thrive. Choice matters, and when families have choice, they are more likely to succeed.”
“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,” said Ashley Bell, chairman and CEO of Redemption Holding Company. "
Bank King Card allows people to bank their values while expanding economic opportunity. By capping the credit card interest at 12 percent, we’re also helping consumers keep more of their money while creating opportunity for others. Every account creates opportunity. That’s the power of regenerative banking."
Available through Redemption Bank, Bank King Card includes both debit and credit card options and can be used anywhere Mastercard is accepted. The debit card is currently available, and the credit card will soon follow. The credit card offers a more affordable alternative to many traditional cards.
Customers pay nothing extra. They are not asked to donate more or spend more. They are simply asked to make a different choice about where they bank.
About Redemption Bank
Redemption Bank is one of the nation’s newest Black-owned banks and the first Black-owned bank headquartered outside a historically underserved community. Founded on the belief that financial institutions can create both economic returns and social impact, Redemption Bank combines innovative banking solutions with a commitment to expanding access to capital, entrepreneurship, wealth creation, and economic mobility. As a Public Benefit Corporation, Redemption Bank is building new pathways to financial resilience and expanding economic opportunity.
About In Her Hands
In Her Hands is a guaranteed income initiative of the Georgia Resilience and Opportunity (GRO) Fund that provides unrestricted direct cash support to women in urban, suburban and rural communities across Georgia. Its current cohort is rooted in Atlanta’s Westside, including Vine City — the neighborhood where Dr. Martin Luther King Jr. and Coretta Scott King made their family home — grounding the program in a community with a deep legacy of civil rights and economic justice. Through multiple cohorts operating across the state, the program empowers participants with the flexibility and choice to address their families’ most pressing needs by providing an income floor. In Her Hands, provides participants with the trust and dignity to create stronger futures for themselves and their families.
About Redemption Bank
Redemption Bank intends to make fixed amount donations to the Redemption Foundation, a Delaware nonprofit nonstock corporation, based on new Bank King Card account openings in an amount determined by the Bank’s board of directors on an annual basis. The amount of the donations will not be based on the amount of purchases to be made with any Bank King Card and are not intended to create, and should not be construed as creating, a commercial co-venture with the Redemption Foundation.