Check Safekeeping

Dictionary Says

Definition of 'Check Safekeeping'


A safekeeping service offered by banks and other depository institutions. With check safekeeping, the bank holds all of a customer's cancelled checks (or at least a copy of them) and does not return them to the parties that wrote the checks. Instead, the customer is sent a detailed statement outlining all checks that were paid, plus the amounts and names of the payees.

Investopedia Says

Investopedia explains 'Check Safekeeping'


Check safekeeping is typically done to reduce the expense of labor and postage that comes with mailing printed statements. The actual checks are often transcribed to microfilm or computer and then shredded. This service is also referred to as check retention.

comments powered by Disqus
Hot Definitions
  1. Valuation

    The process of determining the current worth of an asset or company. There are many techniques that can be used to determine value, some are subjective and others are objective.
  2. Tech Street

    A term used in the financial markets and the press to refer to the technology sector. Companies like Intel, Microsoft, Apple and Dell are all considered to be part of Tech Street.
  3. Tech Street

    A term used in the financial markets and the press to refer to the technology sector. Companies like Intel, Microsoft, Apple and Dell are all considered to be part of Tech Street.
  4. Momentum Investing

    An investment strategy that aims to capitalize on the continuance of existing trends in the market. The momentum investor believes that large increases in the price of a security will be followed by additional gains and vice versa for declining values.
  5. Momentum Investing

    An investment strategy that aims to capitalize on the continuance of existing trends in the market. The momentum investor believes that large increases in the price of a security will be followed by additional gains and vice versa for declining values.
  6. IPO ETF

    An exchange-traded fund that focuses on stocks that have recently held an initial public offering (IPO). The underlying indexes tracked by IPO ETFs vary from one fund manager to another, but index IPO ETFs are usually passively managed and contain equities that have recently been offered to the public.
Trading Center