Safekeeping

What does it mean?
The storage of assets or other items of value in a protected area.

In Other Words...
Individuals may use self-directed methods of safekeeping or the services of a bank or brokerage firm. Financial institutions are custodians and are therefore legally responsible for the items in safekeeping.

Individuals who place an asset in safekeeping are also issued a safekeeping receipt. These receipts indicate that the asset of the individual does not become an asset of the institution and that the asset may be returned to the individual upon request. A fee may be required for these services.

Also known as safekeep.

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Related Terms
Agent | Bank | Custodian | Deposit

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