DWAC Explained

Shareholders and Broker-Dealers may benefit for using the Deposit/Withdrawal at Custodian (DWAC) transfer administered by the Depository Trust Company (DTC). For eligible securities and transactions, shareholders can request their broker to initiate an electronic deposit using a DWAC transfer rather than dealing with a physical stock certificate deposit. As with all transfers into a brokerage account, the Broker-Dealer will ultimately need to initiate the transfer request with West Coast Stock Transfer, Inc. (WCST). Please review the information below to determine what you will need to provide to WCST and what you will need to provide to your broker.

Electronic share transfers reduce the shipping and handling processing time of physical certificates. The more common approach to depositing stock electronically direct into a brokerage account is a Direct Registry System (DRS) transfer. Many times it is not even necessary to contact WCST to transfer stock using a DRS transfer into your brokerage account.

⇾ For more information about Direct Registry Transfer (DRS), click HERE.

Either the shareholder or the Broker-Dealer can request shares to be electronically transferred using a DWAC transfer. It both cases, WCST will need authorization from the shareholder to process a DWAC request.

Shareholders can authorize WCST directly to setup and process a DWAC when presented with a request from their Broker-Dealer by providing a DWAC Authorization Request Form. Please visit the link below for additional guidance with competing this form and submitting your request.

⇾ Tips on How to Complete the DWAC Authorization Request Form, click HERE

IMPORTANT: Restricted shares are not able to be transferred using DWAC.

⇾ For more information about Restricted Stock, click HERE.

⇾ For more information about Medallion Signature Guarantee Stamps, click HERE.

Broker-Dealers must have authority granted to them when requesting a security transfer into a registration under their control. This is more obvious when dealing with a physical certificate but holds true for book-entry shares. The authority is many times in the form of a Stock Power when a Broker-Dealer presents this request.

What does your Broker need in order to initiate a DWAC transfer?

Depending on your brokerage account, there may be forms for you to complete and provide to them. Every brokerage firm is different. The best approach for getting your stock transferred into your brokerage account is to obtain a recent Statement of Account and contact your broker and simply ask:

“What do I need to provide or complete in order to get my shares described on the Statement of Account from West Coast Stock Transfer, Inc., a transfer agent, transferred into my brokerage account?“