USA Suspense account mystery

[Truthaccount]

If a suspense account is found when searching for unclaimed property that is for more than 10,000 dollars does that show the establishment has been cheating the customer and accounting has outed them.
Since that would have to be there for years before being turned into the state if it were a true mistake it would have been corrected right?

 

[jgilmore]

I need more information to understand the scenario

 

[DrStrangeLove]

It doesn't necessarily show that a company has been cheating its customers.

There are annuities that have "spousal continuation riders", which, when the annuitant dies, give a surviving spouse the choice to either take a lump sum payout or to continue the (often reduced) annuity payments, with up to five years to decide. (I know this because I used to work for an insurance company that offers them.) Sometimes annuitants would die, and the spouse didn't ever make a choice. We routinely a few escheatments each year--not many, but there were always a handful. No one was being cheated. People just hadn't updated their policy information. Some spouses didn't know that had money coming; some had divorced and not told the insurance company, or had died themselves. And the payouts could be substantial--$25,000 to $30,000 on average.

Or people with retained asset accounts die intestate without surviving heirs. We can't find anyone to inherit the money, so it escheats after a while.

There are plenty of innocent reasons why substantial amounts of property or cash escheat as unclaimed property.