safekeeping
noun
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Definition of safekeeping
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Synonyms for safekeeping
Synonyms
care, custodianship, custody, guardianship, keeping, trust, ward
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Examples of safekeeping in a Sentence
Recent Examples on the Web
At the Kennedy Space Center on Friday morning, crews began the arduous process of hauling a 400-foot-tall mobile launch tower from pad 39B to inside a hulking building a few miles away for safekeeping — at about 1 mph. — Washington Post, "Florida’s Atlantic Coast is preparing for a direct hit from Hurricane Dorian," 30 Aug. 2019 With Hunting Valley officers called in for mutual aid, police wound up arresting the father and placing at least four rifles and two shotguns in a property locker for safekeeping. — Thomas Jewell, cleveland.com, "Domestic dispute leads to earplugs: Moreland Hills Police Blotter," 23 Aug. 2019These example sentences are selected automatically from various online news sources to reflect current usage of the word 'safekeeping.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for safekeeping
safekeeping
nounFinancial Definition of safekeeping
What It Is
Safekeeping is a term describing a financial institution's responsibility to keep clients' assets in a safe area.
How It Works
Let's say John Doe deposits $4,000 into his savings account at Bank XYZ. Bank XYZ has an obligation to keep John's $4,000 separate and apart from its own accounts that it uses to pay the bank employees and other expenses.
Similarly, John Doe's brokerage firm has a responsibility to keep the money in his account separate from the brokerage firm's own cash and house accounts.
Why It Matters
One of the fundamental purposes of the entire banking industry is safekeeping. That is, they provide people with a safe place to keep their money until they need it.
A safekeeping certificate is a document that proves that a person owns a security or a CD. American Depository Receipts (ADRs) are some of the most common forms of safekeeping certificates. Issued by U.S. banks, American Depository Receipts (ADRs) are certificates that represent shares of a foreign stock owned by the issuing bank. The foreign shares are usually held in custody overseas, but the certificates trade in the U.S. Through this system, a large number of foreign-based companies are actively traded on one of the three major U.S. equity markets (the NYSE, AMEX or Nasdaq).
Source: Investing Answers
safekeeping
noun
English Language Learners Definition of safekeeping
See the full definition for safekeeping in the English Language Learners Dictionary
safekeeping
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Kids Definition of safekeeping
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