What is dwac?

DWAC stands for Deposit/Withdrawal at Custodian. It is a method used by shareholders to electronically transfer their securities positions between the transfer agent and their brokerage accounts.

With DWAC, shareholders can move their shares in a fast and efficient manner without the need for physical stock certificates. This electronic transfer facilitates quick and seamless movement of securities, reducing paperwork and allowing for faster trading or movement of shares.

To initiate a DWAC transfer, shareholders need to provide their broker with detailed instructions including the number of shares, CUSIP number, and the transfer agent's DWAC account number. The transfer agent then verifies the request and electronically transfers the shares to the designated brokerage account.

DWAC transfers are commonly used for various purposes such as stock issuances, stock options, employee stock purchase plans, dividend reinvestment programs, and corporate actions like mergers or acquisitions. It provides flexibility and convenience for shareholders, brokerage firms, and transfer agents involved in the transfer process.

It is important to note that while DWAC helps streamline the transfer process, there may still be fees associated with these transactions. Shareholders should check with their brokerage firm or transfer agent regarding any applicable fees before initiating a DWAC transfer.