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Home > QFINANCE Dictionary > Definition of safe custody

Definition of

safe custody

Stockholding & Investments

holding by financial institutions of customers' valuable documents the holding of stock certificates, deeds, wills, or a locked deed box on behalf of customers by a financial institution. 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.

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

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