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A paymaster is a neutral third party and has no knowledge of any particulars of the transaction. They handle the incoming commissions, and then disburses the funds accordingly. In return for their services the paymaster charges a small fee, which is paid directly to them out of the commission proceeds prior to disbursement.
Paymaster Corporation was a Chicago-based company that manufactured and sold the Paymaster mechanical check writers, which could be found at post office branches, financial institutions, and small businesses in North America throughout the twentieth century.
The first check protector was introduced in 1870. The best known check protectors in the early 1900s had the brand name Protectograph (the Todd Company, Rochester, NY). [citation needed] Other well known manufacturers in the industry were F & E Hedman and the Paymaster Company (both out of Chicago, IL). [5]
The company was founded in 1958 and today is New York’s largest provider of check cashing and financial services, [2] handling nearly 20 million transactions annually. [ 1 ] PAYOMATIC provides check cashing services, money transfers, money orders, bill payments, prepaid debit cards and a variety of other convenience services. [ 1 ]
The Finance Corps traces its foundation to 16 June 1775, when the Second Continental Congress established the office of Paymaster General of the Army. [1] The Pay Department became a separate department in 1816, and the Finance Department was created by law on 1 July 1920. [2] [1] It became the Finance Corps in 1950. [3]
Advantages of a bank holding company can include reduced overall risk and increased access to funding. Examples of bank holding companies include JPMorgan Chase & Co., U.S. Bancorp and Citicorp.
Prior to the 19th century, each regiment had its own civilian paymaster and the first commissioned paymaster was introduced in 1792. In 1870 a Pay Sub-Department of the Control Department was formed; an officer-only establishment, it gained autonomy as the Army Pay Department in 1878. [ 1 ]
A California snack company recalled chocolate and other products last month. Now, the U.S. Food & Drug Administration has given some of those products a Class I classification which is the agency ...