Deposit Withdrawal At Custodian (DWAC) Transfer:
What is a DWAC transfer?
A DWAC transfer allows electronic transfer of stock shares between a broker dealer and transfer agent. DWAC transfers can be faster as they settle on the same day as requested.
What is the process to DWAC transfer into/out of DriveWealth?
To process an incoming or outgoing DTC transfer, clients will need to complete the DWAC Letter of Authorization and return to the contra firm for processing. The contra firm will send the form to DriveWealth for processing.
How long is the DWAC transfer process?
DWAC transfers can be faster as they settle on the same day as requested. To protect the position(s) being transferred, the client’s account will be frozen for the duration of the transfer process.