Nafa Cheque Bounced
 

Not very impressed. knowing there are still holding fur and they are issuing bad cheques. what's the deal.

I don't know of anyone that had any issues. Here is a quote from a US trapping site:

"I just talked to a NAFA representative. Here is what they told me:

Due to the “financial reorganization” they just went through, the routing number and account numbers on at least 10% of the checks they issued DO NOT match the information of the new financial institution. Replacement checks will be reissued around October 15th. She said it has been an absolute mess and people were losing their minds over it. I told her I didn’t blame them. She assured me it would get straightened out."

NAFA has changed financial institution and this is the bump. It may have been a retaliation of the previous lending institution, or it could just be a bank being a bank.... (not a big fan of banks personally, being self employed)

I have had dialogue with many people, talked with a veteran of the trade 60+ years, non-affiliated, and he has full confidence in the company. Talked to other people who try to smear/discredit NAFA at every opportunity and like usual, nothing but negativism towards NAFA, but always is no matter how good things are.

NAFA is restructuring its company, always reacts to current market conditions. Currently the world is moving from a 90,000,000 ranch mink world to a 25,000,000 million mink world which has a massive “mink-pipeline” backlog of a couple seasons.

For NAFA my understanding is that they are moving from a 10,000,000 mink volume to a 3,000,000 mink volume, and obviously reduced logistics. Part of their restructuring is less people needed, also less facilities required, and todays topic, new financing.

Expect the whole of the wild fur market to be burning hot in about 3 years with the massive reduction of ranch mink/available supplies.

If any NAFA shipper has had a cheque bounce, please report it to Mary in Winnipeg and she will ensure you are looked after, including your servce charge.

NAFA bounced checks
 

I have been dealing with NAFA over a issue regarding being shorted monies from the June sale. Initially they blamed my bank for the error however I was quick to point out that there financial institution errored and I provided them all the pertinent information to them. Approximately 3 weeks ago I was asked by Mary to provide them with this information again. She can't believe that this matter is still an issue. I am not impressed and blaming financial institutions for this problem is not right. Stand up for your clients! It is my understanding that I am not the only one experiencing this problem.

Nafa
 

Guys, not sure why we should worry about a company that has been around for almost 400 years, since Hudson Bay days. They will sort out any glitches from bank change over.

Pardon the pun …. but I have no skin in the game ……

In almost every situation I have ever bene involved in, when any company hastily restructures their financial facilities and announces down sizing (needing less people), regardless of how long they have been in business, this is usually a sign of poor cash flow and/or, debt management.

The fact they issued checks to suppliers that bounced (and they had to change accounts) and did not have the time, or credit facilities to start issuing checks from the new account and/or maintain a balance in the old account is a red flag.

This is one sign that the company is under financial stress, it doesn't mean their efforts to restructure won't set them on a path to improve their business, but this isn't good.

Dean on the forum was a high level banker and financial guy - I'm sure he can provide his insight - he will know better than I do - but that's my sincere opinion on this and I don't like seeing good people getting hurt when things go south.

Always send pelts to both NAFA and FHA. Will do the same this year.

1. Think they both have there strong areas that I get a better price depending on species.

2. We need two auction houses.

Of the two points number two is the important one. I do not want one auction house being the only game in town. We are not set up like the states with country buyers and big consignment buyers.

Here’s hoping they can sort out any issues and keep going strong.


Sent from my iPhone using Tapatalk

after reading this thread I checked my bank account and found out my cheque had bounced. I understand that s*^t happens and the cheque was fairly small but I don't understand why they wouldn't send you an email or something giving you a heads up rather than having to find out elsewhere online.

Emails were sent out. I received mine around the first of October. Came with an apology and explanation. Also explained what to do if I got an nsf cheque. Nafa also said they will reimburse all nsf charges. Thanks goes out to Nafa.

They announced today that their financing fell through. Looks like whoever had a check that bounced or furs still at NAFA is in bad shape

That be me just tried to deposit one and Bounced! Looks like time to move tp Fur Harvesters

Holy not sounding good.

Wonder if FHA can handle the flow of fur if NAFA folds.


Sent from my iPhone using Tapatalk