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Home > QFINANCE Dictionary > Definition of safe keeping

Definition of

safe keeping

Stockholding & Investments

holding by financial institutions of customers' valuable documents a service provided by a financial institution in which stock certificates, deeds, wills, or a locked deed box are held by it on behalf of customers. Securities are often held under the customer's name in a locked cabinet in the vault so that if the customer wishes to sell, the bank can forward the relevant certificate to the broker. A will is also usually held in this way so that it may be handed to the executor on the customer's death. Deed boxes are always described as "contents unknown to the bank." Most institutions charge a fee for this service.

Related definitions of "safe keeping"

Definitions of ’safe keeping’ and meaning of ’safe keeping’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’safe keeping’ and other financial terms with our online QFINANCE Financial Dictionary.

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