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.
Related definitions of "safe custody"
- Also called safe keeping