Edward Palonek provides the Car Companies with information on
their Unclaimed Money
on: January 19, 2009, 4:57 am
Press Release Author: Edward Palonek
Release Summary: Edward Palonek informs the Auto Industry on where
they can come up with some much needed money that they have not
claimed. This money is in the form of old bank accounts, uncashed
cheques, refunds unclaimed money and other property, that millions
of Americans are benefiting from and could now also, benefit the
Car Manufactures with some Found Money.
Release Body: LAS VEGAS --- The recent announcement from of General
Motors that, without a bailout, the company could face further
problems has prompted FoundMoney.com (http://www.foundmoney.com)
Founder Edward Palonek (http://www.edwardpalonek.org)
to comment on the situation. FoundMoney.com is an Internet-searchable
database for unclaimed money, and Palonek reports that the big
three have millions of dollars sitting and collecting dust.
"A worst case scenario has
been presented to congress which summarizes that GM's new operations
would need more money than the already allocated $13.4 billion
dollars," said Palonek. "The big three automakers need
to examine other potential streams of cash. "The problem
of auto makers not collecting money extends to almost all foreign
car makers, such as, Toyota and Honda."
to Foundmoney.com, General Motor Company (GM)
has over 1,500 unclaimed money records with the estimated worth
of $3.4 million. Chrysler Company has about 1,200 records with
unclaimed funds worth over $1.6 million, while Ford Motor Company
has more than 1,300 records in the Foundmoney.com database totaling
over $2.2 million.
"The problem of domestic
companies not realizing that they could recover this money quite
easily also extends to foreign car makers," added the unclaimed
Toyota has an estimated $918 thousand
of unclaimed funds and Honda has over just under $500 thousand
in unclaimed money.
of individuals have recovered millions of dollars in recent years
with companies like Foundmoney.com," stated Palonek.
"While the auto makers sit on a pile of gold, they continue
to ask for bailout money. Some auto makers have taken drastic
cuts, which is evidenced in the recent Detroit Auto Show where
some carmakers did not show up. Mitsubishi, Nissan, Ferrari, Land
Rover, Rolls-Royce and Suzuki where among those car manufactures
that did not attend the auto show in an attempt to save money."
reports that Nissan has over $700,000 of unclaimed money - money
that could have helped to pay for the auto show.
is the Internet's largest search engine for unclaimed funds. Its
database was opened in 1995 with over 1,000,000 records. Palonek
started the company after his own parents passed away. As he realized
the difficulties imposed by financial institutions when recovering
this money, Palonek made his research available to the public.
Palonek and his company would
like to offer the big three automakers a free service to help
them recover their unclaimed funds. "Full story be told,
millions of dollars are at stake here. Foundmoney.com would help
the auto makers with the appropriate claims for some 7,000 plus
records containing millions of dollars. It's money you just can't
ignore when you're strapped for cash," commented Palonek.
month, General Motors will receive $9.4 billion and Chrysler,
$4 billion. The other $4 billion will come in February but only
when Congress approves a request for the second half of the financial
bail out fund. In the mean time, FoundMoney is in the process
of contacting the companies involved, and we hope to hear a response
soon," said Palonek.
Featured on television shows such
as Oprah Winfrey and Maury Povich, FoundMoney's service guarantee
assures users that the information available to clients within
the database will contain more than $50 or a full refund is available.
years the automakers have ignored missing money. Harsh economic
times make finding unclaimed money a great cash infusion - not
just for the automakers,but also for any individual. Millions
of people have already visited Foundmoney.com
to locate money using a proven method for unclaimed funds recovery."
According to the National Association
of State Treasurers, there currently is more than $30 billion
in unclaimed money, and with the total rising faster than people
claiming, it is projected that by 2020 there could be as much
as $40 billion of unclaimed money. "Aging boomers are adding
more significantly to this number," remarked Palonek. "If
someone forgets about a savings account today, that account may
potentially take over five years before it reaches status of unclaimed
money. As in the case of the automakers, it is certain there will
be more unclaimed money in the coming years."
Web Site: http://blog.foundmoney.com
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