Earn up to 10%* compounded daily while you’re incarcerated.

Rates & APY

*Compounded Daily. Earn even more without Incentive Rate Referral Program.

Designed exclusively for prisoners, our innovative non-bank instrument combines capital preservation and compound returns within the straightforward legal framework of a perpetual individual promissory note.

Here's What Our Inmate Shopper Ad Looks Like!

New Account Setup

Help your inmate start saving now.

Share the inmate’s public contact information and we’ll create the account promptly.

Before You Submit

This form is used to request the creation of a PromissoryUSA account for an
incarcerated individual who cannot open a traditional bank or brokerage account.We ask only for the information needed to identify the inmate and their current
facility. No Social Security number, state ID, or Power of Attorney is required,
and we do not access external databases based on this submission.Submitting this form does not create any financial obligation and does not
automatically open an account. Each request is reviewed by a person to ensure
the information is complete and appropriate.If an account is opened, a welcome kit is mailed directly to the inmate. All
account communication takes place through the U.S. Postal Service. We do not
contact facilities, families, or third parties unless explicitly required and
appropriate.If you are unsure about any field, it is better to leave it blank or provide your
best understanding. We will follow up if clarification is needed.

Incentive Rate Referral Program

Now earn even higher rates!

We are pleased to announce our Incentive Rate Referral Program, brand new for 2026. For each funded original account referred by a current account holder, we will add 0.25% to the annual interest rate we pay on both accounts, above and beyond our published rates, for as long as the new account remains open. The rate increase will be applied to both accounts on the day the new account is funded, and there is NO limit to the number of bonus rate increases one may accrue.

Make A New Referral Now

How Referrals Work

This form is used to refer a new account for an incarcerated individual and
to note an existing account holder who made the referral.The information provided here is used to match the referral correctly. If
something is incomplete or slightly inaccurate, we will review it and follow
up rather than reject the submission.Making a referral does not create any obligation for either party, and it
does not affect existing accounts if the referral cannot be completed.If the referral results in a new funded account, the bonus rate increase is
applied to both accounts automatically. There is no action required beyond
submitting this form.If you are unsure about any field, provide your best understanding or leave
it blank. We will confirm details as needed. All confirmations and account
communication are handled by mail.

Answers to Frequently Asked Questions

Account Creation

New accounts are created based on the combination of your name and BOP/SID # and may be requested by mail or through forms on our website at PromissoryUSA.com. There is no application process. Upon receipt of your request, we will create your new account and mail you a welcome kit within 3 business days. This kit will include a signed original of your promissory note. If you reside in a state that does not deliver physical mail, we will gladly send a physical copy of the note to a third party of your choice for safekeeping if you choose.

Beneficiaries

Within your welcome kit, we will request that you name at least one beneficiary to administer your account only in the event of your untimely demise or incapacity. You may name more than one beneficiary. Any individual to whom you might later wish to distribute funds from your PromissoryUSA account must be named as a beneficiary prior to any request for that distribution.

Confidentiality

PromissoryUSA notes are private agreements, and are kept confidential. We will not voluntarily provide any information regarding you or your account to any individual, organization or agency, public or private.

Deposits

Initial principal deposit must be at least $100.00. Subsequent deposits may be made at any time in any amount. No deposit slip is required or provided. Simply include your BOP/SID# on the memo line of any check or other payment you initiate. Please mail deposits to:PromissoryUSA
1152 Madison St. SE #164
Salem OR 97301State, federal and certified checks will be credited to your account on the day we receive them. Venmo, CashApp, PayPal, personal checks and other forms of outside payment will be credited to your account on the day they clear our bank. Deposit receipts will be mailed within 3 business days of posting.

Deposit and Withdrawal Slips

PromissoryUSA does not use or issue deposit or withdrawal slips, as they are expressly
prohibited under many inbound mail rules.

Initial Account Funding

The initial deposit to fund a new account must be at least $100.00. Initial funding may be
made through outside forms of payment if desired.

Interest

Interest is compounded daily and accrued until posted to your account on the last day of
each month. The rate for any month is based on the prior month’s ending balance.

Rates are permanent and do not fluctuate. Unlimited 0.25% rate increases may be earned
through referrals.

Incentive Rate Referral Program

For each new original account referred by a current account holder, we will add 0.25% to the interest rate we pay on both accounts, above and beyond our published rate tiers. The bonus rate increase will be applied to both accounts on the day the new account receives initial funding, and will remain in effect as long as the new account stays open. Referrals may be submitted at PromissoryUSA, through forms we provide in your welcome kit, or simply by mentioning the referee’s name and BOP/SID# when you request a new account. There is no limit to the number of bonus rate increases you can receive.

Outside Deposits

Family and friends may contribute initial and/or supplemental capital to an inmate account if desired. For security reasons, we will not conduct any direct funding transactions through our website. Outside deposits may be facilitated via common third‑party apps (i.e. Venmo, CashApp, PayPal, etc.) following email or telephone communication with our office. The fees charged for transactions conducted through these platforms will be deducted from the amount applied to the inmate’s account. Once posted to an inmate account, outside deposits then belong to the inmate noteholder.

Planning for Release

Inmate account holders approaching release may elect to 1) close your account in advance and return the funds to your prison trust account, 2) close your account after your release and have the funds delivered to you directly, 3) maintain your account after release, or 4) any combination thereof. PromissoryUSA will contact you by your mail within 90 days of your earliest possible release date to determine your preference and provide detailed instructions.

Prison Messaging Platforms

Because inmate communication accounts are routinely compromised for nefarious purposes, PromissoryUSA will not conduct business through any of the various prison messaging platforms (i.e. GettingOut, CorrLinks, etc.). All direct client communication will be through the U.S. Postal Service.

Security PIN

Within your new account welcome kit, we will request that you select a 4‑digit security PIN. This number will be required whenever you request a withdrawal paid to a beneficiary. Please do not include your PIN with deposits.

Statements

Within your new account welcome kit, we will request that you select a 4‑digit security PIN. This number will be required whenever you request a withdrawal paid to a beneficiary. Please do not include your PIN with deposits.

States That Image Inmate Mail

Because several states no longer deliver physical mail, account forms we provide may not reach you. PromissoryUSA requires no forms for any transaction, and the information we request in your welcome kit (beneficiaries, PIN, etc.) may be provided in a letter if your mail has been imaged. Referrals may be submitted through the mail or at PromissoryUSA.com, and we will be glad to send a signed duplicate of your original promissory note to a trusted third party at your request.

Termination

You may withdraw the entire balance of your loan by written request and thus close your account at any time. On the day we receive your notice, or on a later date you specify, PromissoryUSA will return to you the current balance of your account, including interest accrued but not yet posted up to and through the actual date of closure. Our final payment will be followed by a separately mailed closing statement detailing any account activity subsequent to the previous quarterly statement, and your note will then terminate.

Transaction Fees

PromissoryUSA does not now and will not ever charge transaction fees, account maintenance fees, monthly service charges or any other sort of fees.

Transfers

PromissoryUSA notes are agreements to borrow funds from specific individuals, and thus cannot be sold, transferred or assumed, with or without the noteholder’s permission.

Withdrawals

You may withdraw principal and accrued interest from your PromissoryUSA account at any time. No withdrawal slips are required or provided. Your handwritten request must include your name, BOP/SID#, signature and amount of withdrawal, and will be deemed legitimate if received through the U.S. Postal Service in an institutional envelope with your name and BOP/SID# on the exterior. Unless you specifically request payment to a beneficiary, any withdrawal will be made payable to you in care of your prison trust account. Requests for withdrawals to a beneficiary must include your previously chosen 4‑digit security PIN. PromissoryUSA will not direct withdrawals to a business or any non‑beneficiary third party.

How It Works

Our Individual Promissory Note

Because we are not a bank and do not require valid identification or social security number, PromissoryUSA cannot legally offer a “bank” or “savings” account. Accordingly, we employ the simple legal structure of a promissory note to establish the inmate saver as lender/noteholder and PromissoryUSA as borrower, thus replicating the legal functionality of a bank account without the need for valid ID. Initial receipt of an inmate’s funds instantiates the note and sets the beginning balance – the amount we then owe and begin to accrue interest on. Interest compounds daily and increases the principal balance of the note when posted monthly. When an inmate lender sends more funds, we then add that amount to the principal balance and immediately begin to accrue interest on the new, higher balance. The inmate lender may call all or part of the note balance at any time, solely at their discretion. The outstanding balance of the note always equals the sum of:

As borrower, PromissoryUSA is at all times and without exception legally liable to the inmate noteholder for the entire outstanding balance of the note.

How We Generate Returns

As stewards of inmate funds, our focus revolves around preservation of capital paired with consistent generation of incremental monthly yield. We sell short-term (2 weeks) OTM credit spreads beneath the SPY (S&P 500 Index ETF) to yield a net average monthly return of approximately 0.75%, or 9% per annum, which effectively produces our inmate interest requirement. The bulk of funds remain idle as cash where they earn short-term Treasury rates, currently north of 3% annually. Together, this covers all our inmate interest obligations and leaves us a couple of points with which to fund our minimal office expense. This is the same low risk, high probability approach successfully employed by banks, insurance companies, and pension funds to generate safe, consistent returns on large sums of custodial funds which must remain liquid.

About Us

Our Mission

PromissoryUSA exists solely to serve the many thousands of state and federal prisoners who are unable to open an external bank or brokerage account in their own name. We offer to all who are incarcerated a secure yet accessible instrument that pays generous returns to maximize compounding while preparing for a brighter financial future and a successful re-entry.

The Problem We Solve

For inmates who are serious about saving for their future, but are unable to open a bank or brokerage account, the meager interest paid out by prison trust funds simply doesn’t cut it. It’s tough to get excited about putting money away when you only earn 2-3% annually; that’s not even enough to keep up with inflation these days, let alone prepare for the necessary expenses of release and re-entry.

Our Solution

Our innovative individual promissory note product pays rates as high as 9.45% compounded daily, or even higher when our new Incentive Rate Referral Program is utilized. New accounts are available simply for the asking – no valid state ID, Social Security number or Power of Attorney is needed – and works seamlessly through any prison mail system. Higher rates mean faster growth, and that’s what you really need when you’re locked up.

Our History

The vision that would become PromissoryUSA was conceived by Gerard Beaudoin II and Norm Schlunt at Snake River Correctional Institution in 2019. While co-facilitating an Investing 101 class, they quickly realized that for many prisoners the inability to open a bank or brokerage account presented an insurmountable hurdle, preventing any meaningful financial growth or accumulation while incarcerated, and they also realized this obstacle was not unique to Oregon. Norm and Gerard leveraged their pre-prison backgrounds in business and finance to create a meaningful financial opportunity accessible to all prisoners. After three years of growing funds for inmates by invitation only, PromissoryUSA began serving prisoners nationwide in the fall of 2025. The organization reached state and federal inmates through advertisements in The Prison Legal News and The Inmate Shopper, and expects to achieve IRS 501(c)(3) nonprofit status in the summer of 2026.

Norman Schlunt

Gerard Beaudoin II

Privacy Policy

PromissoryUSA respects your privacy. This Privacy Policy explains how we collect, use, and protect personal information submitted through our website.

Information We Collect

We collect only the information you voluntarily provide through our website forms. This may include names, contact information, inmate identification details, and other information necessary to create or refer an account.We do not use cookies, tracking pixels, analytics software, or third-party advertising tools.

How We Use Information

Information submitted through this website is used solely to:

We do not sell, rent, or trade personal information.

Data Storage and Security

Submitted information is transmitted securely and delivered directly to PromissoryUSA for administrative handling. We take reasonable measures to protect information from unauthorized access, disclosure, or misuse.No method of transmission or storage is completely secure. While we strive to protect personal information, we cannot guarantee absolute security.

Information Sharing

We do not share personal information with third parties except:

Children’s Privacy

PromissoryUSA does not knowingly collect information from children under the age of 13.

Changes to This Policy

This Privacy Policy may be updated from time to time. Any changes will be posted on this page with an updated effective date.

Contact

If you have questions about this Privacy Policy or how information is handled, please contact us at:Email: [email protected]

Last updated: December 2025