safekeep

Verb

safekeep (third-person singular simple present safekeeps, present participle safekeeping, simple past and past participle safekept)

1. (transitive) To keep safe; to preserve from harm or loss.
   • If a customer wants $1 million of General Motors Acceptance Corporation (GMAC) paper, the bank carries out the transaction between the customer and GMAC and safekeeps the paper for the customer until it matures.1983, Marcia L. Stigum, Rene O. Branch, Managing bank assets and liabilities
   • During the mid-1960s, Federal Reserve officials focused on developing institutional arrangements that would facilitate the conversion to book-entry form of definitive securities already safekept at Reserve Banks; they did not address the possibility of a larger system.2003, Federal Reserve Bank of New York Economic Policy Review