DWAC is the acronym for Deposit/Withdrawal At Custodian which was created by The Depository Trust Company ("DTC"). The DTC FAST system run by DTC permits brokers and custodial banks, DTC participants, to request the movement of shares to or from the issuer's transfer agent electronically. A DWAC results in the crediting or debiting of shares to or from DTC's book-entry account on the records of the issuer maintained by the transfer agent. In other words, DWAC is an electronic method of transferring shares between the transfer agent and the broker, being able to bypass DTC's stock processing unit.
DWAC Withdrawal Instructions (for shareholders)
Shareholders can withdraw their stock from their brokerage accounts and request a physical stock certificate by either having the broker initiate the request through DTC or by having their broker send the shares electronically directly to the transfer agent through the DWAC system.
To withdraw a physical stock certificate from your "street name" brokerage account via DWAC, please do the following:
Notify your broker that you would like shares sent to Colonial via DWAC Withdrawal. Prepare the following items for submission to Colonial Stock Transfer:
- a. DWAC Withdrawal Form. Contact us to obtain this form.
- b. Payment of applicable fees.
DWAC Deposit Instructions (for shareholders)
Shareholders can deposit their stock into a brokerage account by either sending their physical stock certificate to their broker or by having the transfer agent send the shares directly to the broker through the DWAC system.
To deposit your shares to your broker via DWAC, you will need to do the following:
Notify your broker that you would like shares sent to them via DWAC from Colonial Stock Transfer. Prepare the following items for submission to Colonial Stock Transfer:
- a. Original Stock Certificate
- b. DWAC Transmittal Form with Medallion Signature Guarantee. Contact us to obtain this form.
- c. Payment of applicable fees.
Please note: Shareholders may not DWAC shares into another person’s brokerage account. If you would like to transfer to another individual, you must first perform a separate transfer to that individual and then that individual must DWAC the shares into their own brokerage account.