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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.
Until 1939 the Office of the Paymaster General was at 36 Whitehall (an extension of Horse Guards formerly occupied by the Paymaster to the Forces). [1]The post was created in 1836 by the merger of the positions of the offices of the Paymaster of the Forces (1661–1836), the Treasurer of the Navy (1546–1835), the Paymaster and Treasurer of Chelsea Hospital (responsible for Army pensions ...
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 office of the Paymaster General was created through a resolution of the Continental Congress on 16 June 1775, which established "That there be one Paymaster General, and a Deputy under him, for the Army, in a separate department; that the pay for the Paymaster General himself be one hundred dollars per month, and for the Deputy Paymaster under him, fifty dollars per month."
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]
[citation needed] Other well known manufacturers in the industry were F & E Hedman and the Paymaster Company (both out of Chicago, IL). [5] The person preparing a check positions the check in the check writer so its print-heads are centered over the field on the check where the amount of the check would otherwise be written out in words.
This category is for persons who have held the position of paymaster. Subcategories. This category has the following 3 subcategories, out of 3 total. F.
On 26 October 1944 the whole accountant branch name was changed from paymaster to supply and secretariat, and the word paymaster was dropped from its place in front of the rank, e.g. a paymaster commander became a commander (S). Thus, in late 1944, the supply officer came into being (see The Naval Review [3]).