I have never been able to fax a transfer request and the receiving institution has never been
able to fax a transfer request in the past.
I have 4 IRA's maturing today and next month and have been able to have the institution receiving the money fax the request to the sending institution. It was never allowed in the past.
I have most always picked up the check to transfer or have had the institution mail it to me and I always over nighted it. If the check was made out to the receiving institution it was always called a transfer for tax purposes. The first institution mailed the check today. I want to see how
long it takes to get there and to be processed. I also have 2 others at another institution that just confirmed that they will also accept a fax request. Those IRA's mature on the 15th, and I have 2 more next month. In the past I was never able to have the receiving institution send
the transfer papers by fax. So now that we cannot do rollovers this at
least this will save some time. Not sure if this is a new thing or if it has been allowed for a while and I did not know about it and continued with rollovers until after this new ruling.
I am not comfortable not doing the transaction myself. This new ruling is troubling to me.
I hope this information might help others. Just make sure that everything is notorized and filled out properly or it will delay everything.