In order to transfer assets out of DriveWealth to another broker (the receiving broker in this instance) via ACATS, customers will need to reach out to the receiving broker to initiate the transfer.
Before you proceed with an ACATS transfer request there are some things you need to know:
- There are 2 types of transfers:
- Full Transfer
- Partial Transfer
- A Full transfer indicates that once the request is submitted, accepted (if in good form) and settled at your new broker, the delivering account will be permanently closed.
- Fractional positions cannot be transferred because DTCC/NSCC only allows for the transfer of whole shares. If there are any fractional share positions in the account, they must be liquidated prior to the full transfer request or the ACATS request will be rejected.
- If you do not want to liquidate your fractional positions, a Partial transfer should be initiated. Partial transfer requests will only transfer the positions indicated on the form. Your fractional positions and any other positions not included in the transfer will remain in your current account, which will remain open.
- Cash to pay for any transfer fees must be in the account prior to requesting the transfer or it will be rejected. Please reach out to your current broker to obtain fee information.
The receiving broker will likely require customers to:
- Complete their Transfer Form
- Provide a copy of their most recent DriveWealth account statement
- Provide the 17-digit DriveWealth account number (which can be found on the upper left-hand side of the DriveWealth account statement)
- Please note, the account number format should be the 17 digit Alpha/Numeric, with no dashes, when submitted
The receiving broker may also ask for DriveWealth’s ACATS DTC Participant Number: 2402
DriveWealth will process ACATS requests within 2 business days as long as the request is in good order (i.e., there are no issues). The transfer should be completed within 5-7 business days.