Withdrawals Service

The Depository Trust Company (DTC) offers participants several ways of withdrawing securities certificates or positions from the depository.


The Withdrawals Service offer Participants a variety of ways to withdraw positions from DTC and obtain shares in firm or customer registration.

Who Can Use the Service

All depository participants are eligible to use the Withdrawals Service.


The Withdrawals Service’s automated functionality delivers efficiencies, mitigates risk and reduces costs for participants.

How the Service Works

The service offers the following withdrawal options to participants:

  • Withdrawals by Transfer (WTs): Participants request WTs by entering re-registration instructions via either the NWT1 function on the Participant Terminal System (PTS), Auto Night Withdrawal by Transfer on the Participant Browser System (PBS), or the CF2WTC file transfer protocol. DTC sends the instructions to the transfer agent, which either cancels a certificate registered to DTC nominee Cede & Co. or reduces the Fast Automated Securities Transfer system (FAST) balance and re-registers the shares according to the instructions. (FAST enables DTC and transfer agents to reconcile electronically the results of participants’ daily deposit and withdrawal activities.) The shares can be either returned to DTC or mailed directly to the shareholder (Direct Mail by Agent – DMA).
  • Certificates on Demand (CODs): Participants request CODs by either the NCOD function on PTS, or Night Certificate On Demand or Night COD for Muni Bearer Bonds on PBS. DTC then removes a certificate registered to its nominee Cede & Co. from its vault, endorses the certificate, stamps the participant’s name as power of attorney, and sends the certificate to the requesting participant.
  • Deposit/Withdrawal At Custodian (DWAC) Withdrawals: Participants request DWAC Withdrawals via either the PDWC function on PTS, the Part Direct Deposit/Withdrawal function on PBS, or the CF2DWX file. The requesting participant sends the shares to be cancelled and the re-registration instructions directly to the transfer agent, outside of DTC. The transfer agent completes the transfer and returns the re-registered shares directly to the requesting participant or its customer.

For More Information

To request additional information, please click here.