DWAC, FAST, and DRS
Island Stock Transfer is a DTC authorized D.W.A.C./F.A.S.T. (FAST Automated Securities Transfer Program) and D.R.S. (Direct Registration System) participant. These programs allow shareholders to hold a security as the registered owner in electronic form on the books of the transfer agent rather than holding a physical certificate.
The D.W.A.C./F.A.S.T. and D.R.S. processes decrease the time required to transfer and delivery securities. As an agent of these programs, Island Stock Transfer provides a higher rate of responsiveness and efficiency by which securities are delivered to brokerage firms.
- Reduce time on stock deposits into a brokerage account from weeks to hours.
- Eliminate the risk associated with losing a stock certificate and replacing them.
- Save on courier charges for shipping stock certificates.
- Eliminate additional brokerage fees associated with processing physical certificates.
How it works:
There are 2 ways that a shareholder can deposit his/her stock electronically: DWAC and DRS.
DWAC: Deposit/Withdrawal at Custodian, or
DRS: Direct Registration System
The key difference is that DWAC deposits require a Medallion Guaranteed Stock Power, and DRS deposits are entirely paperless.
As an issuer, you can opt to upgrade your account to Electronic Processing. Please contact Island Stock Transfer to discuss the direct benefits for you and your shareholders.