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. DWAC allows participants to instruct DTC regarding deposit and withdrawal transactions being made directly via a FAST transfer agent.

 

The FAST system eliminates the movement of physical securities certificates for transfers of securities registered in the name of DTC’s nominee, Cede & Co, on the transfer agent’s books. Shareholders benefit from the decrease in the time required to transfer and delivery securities.

 

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 brokerage firm send the shares electronically directly to the transfer agent through the DWAC system.