Deposit/Withdrawal At Custodian

The Depository Trust Company’s (DTC) Deposit and Withdrawal at Custodian (DWAC) service provides participants with the ability to make electronic book-entry deposits and withdrawals of eligible securities into and out of their DTC book-entry accounts using a Fast Automated Securities Transfer service (FAST) transfer agent as the distribution point.


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. DTC and its FAST transfer agents reconcile the results of participants’ deposit and withdrawal activities electronically on a daily basis.

Who Can Use the Service

All DTC participants are eligible to use the service.


This service leverages the book-entry capabilities established between DTC and FAST transfer agents, delivering efficiencies, risk mitigation and cost savings to participants.

How the Service Works

In order for securities to be eligible for deposit for withdrawal via the DWAC service, the issuer must use the services of a transfer agent that participates in DTC’s FAST program.

Participants submit their physical securities and/or transfer instructions for approval directly to their FAST transfer agent. When the transfer agent approves the transfer, the participant enters the transaction via the PDWC function on DTC’s Participant Terminal System (PTS), the Part Direct Deposit/Withdrawal function on DTC’s Participant Browser System (PBS), or the CF2DWX file protocol. The transfer agent then approves the transaction via the CDWC function on PTS or the TA Direct Deposit/Withdrawal function on PBS.

For DWAC deposits, the requesting participant’s position in its DTC account is increased as is DTC’s FAST balance in the issue. For DWAC withdrawals, the requesting participant’s position in its DTC account is debited, as is DTC’s FAST balance in the issue.

For More Information

To request additional information, please click here.