True story from a friend who is trying to transfer funds from one financial services company to another. Old Company, which has my friend’s money, won’t accept the digital Letter of Acceptance from New Company; that letter contains the information they need to transfer funds.
Old Company insists that they receive a fax.
New Company refuses to fax. They say, “We don’t have faxing capabilities.” They will only send authorizations digitally.
Both claim their reason is “for security purposes.”