In April 2015, the CFPB ordered Fort Knox National Company and its subsidiary, Military Assistance Company to pay “nearly $3.1 million in consumer relief” for charging “millions of dollars in hidden fees” to soldiers, sailors, Marines, and other military servicemembers.

• The CFPB issued a consent order to Fort Knox National Company and its subsidiary, Military Assistance Company. [CFPB file no. 2015-CFPB-0008 (Fort Knox National Company, Military Assistance Company), filed 04/20/15]

• The CFPB ordered Fort Knox National Company and its subsidiary Military Assistance Company to pay “nearly $3.1 million in consumer relief” for charging “millions of dollars in hidden fees” to soldiers, sailors, Marines, and other service members. [Kevin McCoy, “Servicemembers win $3.1M relief over hidden fees,” USA Today, 04/21/15]

• “According to the CFPB, Fort Knox National Company, through its subsidiary, Military Assistance Company (MAC), is one of the nation’s largest third-party processors of military allotments. Under the military allotment system, service members can deduct payments directly from their wages.” [Nicholas Ballasy, “CFPB Fines Payment Processors Millions,” Credit Union Times, 04/20/15]

• Military Assistance Company allegedly “failed to disclose fees charged against residual balances — such as a $5 charge to send a letter to a servicemember about her or his balance or to send a similar letter to a current or past creditor. The charges also included a recurring $12 to $20 fee if the account remained idle with a positive balance for more than six months. Servicemembers were not told when and how they would be charged service fees on residual balances.” [Kevin McCoy, “Servicemembers win $3.1M relief over hidden fees,” USA Today, 04/21/15]