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What is 'Safekeeping'. Safekeeping is the storage of assets or other items of value in a protected area. Individuals may use self-directed methods of safekeeping or the services of a bank or brokerage firm. Financial institutions are custodians and are therefore legally responsible for the items in safekeeping. Also known as safekeep.
fictitious asset. An asset entry recorded on the balance sheet of a business that has value to the business, but that does not correspond to a real asset or have a resale value.ictitious asset. An asset entry recorded on the balance sheet of a business that has value to the business, but that does not correspond to a real asset or have a resale value.