Profiting from Prisoners

Published — October 2, 2014 Updated — October 29, 2014 at 12:24 pm ET

Bank of America’s mission creep into federal prisons

Introduction

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Bank of America’s original, no-bid deal with the Treasury Department was to manage federal inmates’ accounts and prison store inventory. It was worth $14.4 million. In 14 years, the contract has expanded to include electronic money transfers, phone technology and e-messaging.

This timeline tracks how Bank of America’s contract was broadened and its compensation increased over the course of 22 amendments. Dollar figures reflect the total value of the contract as of that contract amendment.

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