Transferring securities

DriveWealth provides an Automated Customer Account Transfer Service (ACATS) to transfer assets between partner customer accounts within or between brokers.

DriveWealth's ACAT department processes incoming and outgoing transfers for ACATS eligible and non-ACATS eligible accounts. All qualified National Securities Clearing Corporation (NSCC) full-service members and Depository Trust Company (DTC) bank participants are eligible to use ACATS.

The ACATS department processes U.S. domestic account transfer requests using the ACATS system when a contra broker is ACATS-eligible. A contra broker is the broker participating on the opposite side of a transaction on the buy side of a sale or the sell side of a purchase. The ACATS department cannot process a transfer request using the ACATS system if a contra broker is not ACATS-eligible; therefore, the process must use the standard process for non-ACATS.

ACATS DOCUMENTS

Partners send all ACATS documents to DriveWealth using the following email: [email protected]

PROCESSING THE REQUESTS

The ACATS department begins to process requests 24 hours after receipt. The times may vary depending on the delivery method and contra party.

TYPES OF TRANSFERS

Standard

Full-ACAT Transfer Requests (Receiving)

The partner must have the customer sign an Account Transfer Form (Transfer Initiation), and the receiving partner must submit the signed Account Transfer Form with a copy of the customer’s brokerage statement to the ACAT department at [email protected].

Partial-ACAT Transfer Requests (Receiving)

The partner must have the customer sign an Account Transfer Form (Transfer Initiation), and the receiving partner must submit the signed Account Transfer Form with a copy of the customer’s brokerage statement to the ACAT department at [email protected].

Non-Standard

Internal Transfers (DriveWealth BD to DriveWealth BD)

The receiving partner must have the customer sign an Account Transfer Form (Transfer Initiation), and the receiving partner must submit the Account Transfer Form to the ACAT department at [email protected]. The delivering partner receives written notification. The processing time is 48-72 hours.

Free Delivery (FOP)

In conjunction with ACATS processing, DriveWealth also offers Free of Payment (FOP) Receives and Deliveries. If there is a contra firm that is not ACATS eligible, securities can be received or delivered straight through DTC.

FOP DTC Receive

Unlike ACATS, the DTC received into DriveWealth is initiated by the Contra firm the partner will contact [email protected] of the incoming transfer. They will send us a LOA / DTC form signed by the client with the positions the client wishes to deliver to DriveWealth along with the client’s latest statement.

The contra will contact DriveWeath to discuss Standing Settlement Instructions and Trade Date / Settlement Date. When delivery is made to DriveWealth, the client’s account will be credited the shares, and charged the transfer fee. The partner will be notified that the transfer is complete.

FOP DTC Deliveries

The partner will send [email protected] a DTC form / LOA signed by customer with delivery instructions and a position list along with a contact email address at the contra firm.

DW Operations will then contact the Contra firm to discuss Standing Settlement Instructions and Trade Date / Settlement Date for International Transfers (if any).

Once instructions are entered to start the DTC process the account will be charged the transfer fee. When the delivery is complete, the partner will be notified.

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Handling customer inquiries

Partners are responsible for addressing their customer’s inquiries regarding a transfer. DriveWealth representatives are neither licensed nor authorized to interact with customers directly.

Additional information

• Completing a transfer request through the ACAT system may take three to five business days.
• Correspondents must submit an Account Transfer Form (Transfer Initiation), with the customer’s signature, to initiate an ACAT (return request).
• Due to varying circumstances, some requests may take longer than five business days. If a problem occurs, the ACAT department will notify the correspondent by email or phone.
• Unable to Process Requests
• Some asset classes are not supported at DriveWealth. The partner is promptly notified if the ACATS department cannot process the request.