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Transfer and Hold in Safe Keeping Meaning & Definition
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Definition of Transfer and Hold in Safe Keeping
transfer and hold in safekeeping is a request by a customer for the brokerage firm to transfer their securities into their name and to hold them in safekeeping at the firm. A brokerage may charge a fee for holding a customer’s securities that have been registered in their name.
Applying "Transfer and Hold in Safe Keeping" to Securities Exams:
Some customers of a brokerage firm may want to have their securities registered in their own names but would still like to have the brokerage firm hold on to the securities for safekeeping. One reason a customer may wish to do this is because any security that is identifiable as belonging to the customer is automatically given to them over and above any SIPC claim that the customer may have if the firm files for bankruptcy.