DWAC
Processing
What is a DWAC?
The acronym DWAC is for
Deposit/Withdrawal At Custodian and is run by The Depository Trust
Company (DTC). It allows DTC participants to electronically
transfer DWAC eligibble shares to or from a transfer agent.
What is the fee to process a
DWAC?
The fee is $30 plus a Transfer Agent fee which can vary from agent to
agent.
What are the advantages of
processing shares electronically as opposed to depositing a physical
certificate?
Processing shares electronically can save on time, fees and risks
associated with a lost certificate.
I want to make a DWAC deposit of
shares I own. What is the next step?
You will first need to
make contact with a broker here and discuss the details of your
transaction. The broker will have you complete an Equity
Deposit Questionnaire or the Quick Facts Questionnaire. See
Guidelines for Depositing OTC Securities. Once our compliance
department has approved your transaction you can then open an account,
or if you have one already open, you can proceed to initiate the DWAC.
The transfer agent must receive instructions from the issuer
or shareholder to accept the DWAC. We will then initiate the
DWAC and if our instructions match the instructions at the transfer
agent, then the shares will be transferred into your account.
You should usually allow a business day for the shares to
appear in the account.
Am I able to DWAC shares out of my account?
If the issuer is DWAC eligible you would be able to transfer shares back to a Transfer Agent.
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