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.
Source: wiktionary
Safekeep
Synonyms for "safekeep" (1 found)
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Closest matches (1)
Adjective(1 words)
colonial council records
Sample sentences
2 total sentences available.
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.
Source: wiktionary