Edward Palonek
It's all possible
Information
Since the 1990's, Edward has been interviewed on more than 200 radio and TV stations in the United States and Canada - including Oprah Winfrey and Maury Povich
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Edward Palonek Report on Business
Edward Palonek is the Founder of Foundmoney.com
The Man Behind the Opportunity
Forty-year old Edward Palonek is the inspiration and factual reality behind Foundmoney.com, a service that has put unclaimed money in the hands of more than 10,000 people. Unique as the idea is behind Edward's service, it didn't come about on purpose. It came about by accident, by discovery.
After his parents passed away in the same year, Edward set about to settle their affairs and discovered that they had not visited their banks or their accounts in a long time, a failing common among the elderly. When Edward inquired at the banks, he was told that the accounts had been dormant for years and were now closed. To add frustration to frustration, bank personnel said they had no further information.
"It was very frustrating," he says. "The situation did make me think, though. I figured if I was having the problem, others must be also."
Setting Out to Set Things Right
A practiced entrepreneur, Edward set out on a search to find his parents' accounts. After an exhausting effort, he finally traced them to the Bank of Canada, where they had been sitting idle.
"There was several thousand dollars there," he said.
Accelerating his research, he kept digging until he found out how the money got there. Funds in dormant accounts stay in their resident banks for up to nine years, when all account information is transferred to a central bank. In Edward's case, it was the Bank of Canada, which Edward learned was under no obligation to notify anybody of the accounts' existence.
The Bulb Lights
Seeing the potential for a worthwhile service, Edward continued to expand and refine his research, compiling countless cases where individuals had unclaimed money they didn't know about. It was then, in 1996, that he formed Found Money, and its Web site, Foundmoney.com. His database of people with money waiting to be claimed is now the largest on the internet.
Since the 1990's, Edward has been interviewed on more than 200 radio and TV stations in the United States and Canada, including Oprah Winfrey and Maury Povich.