I am interested to see how long it takes for them to credit accounts following this sale. One of the biggest complaints has always been waiting for them to cut checks. Any guesses?

They publish the prompt date.
I imagine the proceeds will be deposited on the prompt date.
I always receive my cheque on the prompt date also.

I doubt much will happen until close to prompt date.

Prompt date is 3 weeks after the last day of the auction. In this case, Monday March 25. Prompt date is the date by which buyers have to settle their accounts or make financing arrangements. As a general rule, not much of anything happens until prompt date.

After the December sale my proceeds were credited to my NAFA account but were not payed out. Are they just holding everything from that sale until this sale finishes up? Whatever I made from a sale was being deposited to my bank account right on the prompt date. Just wondering what is going on.

Do they have options for folks that don't have a personal bank acct and want a check?

As a general rule, NAFA settles all accounts (check or auto deposit) 3 weeks after the end of an auction and at the end of their fiscal year. Their fiscal year ends the end of October, do if your goods sold in December, you will be paid with the February/March auction payouts.

With 10,000 plus wild fur shippers plus the mink ranchers and fox farmers, it isn't practical for them to make a payout each time they sell something.

You have an option of getting a check rather than direct deposit. If you do get a check, make sure your bank does NOT charge you a foreign transaction fee.!! Many small banks will try this because they don't look at the check carefully.

The check clearly states US dollars. But all some banks see is Canada in the name on the check. Insist that it is indeed in US $$$$

I had articles sell in the December clean out and have already been paid for them. I got the financial statement along with the paper check. I do not remember the date when the check was issued but there was a thread on here discussing folks receiving their checks for their Dec. PT Sales.

Direct deposit is not any faster. It's always on the prompt date which as mentioned is 3 weeks after the sale.

Ok so help me out with what the benefits is to having the check auto deposited? Guess it was just wishful thinking that they would pay for the fur that I sold quicker than 3 weeks. Wiss Miss does NAFA allow those who purchased fur to pay for it 90 days after the auction? If they require them to settle up before they leave, I wonder what kind of interest is generated on the proceeds over 90 days. My piddly $1000 wont accrue much but when you figure how much they have going out it's a boat load!

The following is copied directly from the NAFA web site. it explains the payment options buyers have and charges if the account is not paid in full by prompt date. Self-explanitory if you carefully read through it.


Feb 12, 2019

In advance of the February/March 2019 auction, NAFA is pleased to offer highly competitive selling terms to our buyers:
- All invoiced goods fully paid by Prompt Day (March 25, 2019) will be eligible to receive a sales rebate on the hammer price of 1/2 of 1%.
- The following interest rates will be in effect for all February/March 2019 purchases:

• With a minimum 35% deposit paid by Prompt Day the interest rate will be 7.5%. There will be no storage and insurance charges up and until October 21, 2019 after which regular storage and insurance charges will apply.
• With a minimum 25% deposit paid by Prompt Day, the interest rate will be 9.5%
• With a Prompt Day deposit less than 25%, the interest rate will be 13.5%. NAFA also reserves the right to resell any purchased goods with a low deposit level at its discretion.
• All interest rates stated above will increase by 2% 60 days after Prompt Day.

For buyers wishing to purchase and hold mink beyond the current season, NAFA will offer Long Term Buyer Storage for mink purchased in the February/March 2019 auction for free until September 1, 2020, as long as the goods are fully paid, including all applicable commissions and charges by Prompt Day (March 25, 2019).

A minimum purchase of 10,000 skins is required to take advantage of this program. No other previously announced buyer rebates are applicable. No resale fee will be charged on the goods held in this program. Insurance on stored goods under this program will be at market value. Additional insurance may be obtained through NAFA at the buyers own cost.

After September 1, 2020, a storage fee of $0.02 per skin per month will be levied on any skins remaining for one further year ending September 1, 2021 at which time, all future storage arrangements and charges must be renegotiated with NAFA.

All other Terms and Conditions of Sale remain as published in the auction information package.

As has been our practice, NAFA continues to be happy to accept irrevocable letters of credit with competitive terms. Please contact our Buyer Services department (bservice@nafa.ca) for full information and instructions.

Please click for a printable PDF: February/March 2019 Selling Terms

I personally like the direct deposit form NAFA. It would cost me more to drive to the bank than the check amount would be.

If a buyer buys goods PT say on December 10, he has 2 weeks to pay for the goods or additional fees apply. That is the general rule.

No matter when or how the goods are purchased, they do not leave the NAFA facility until paid in full. This is the general rule.

I keep saying "general rule" because there are always special circumstances where exceptions are made. The type of exceptions demand on how important you are in the fur buying world. In other words, how much money you spend. If a buyer spends $25.000.00, he isn't special. If he spends $250,000.00, he is sort of special. If he spends $2,500.000.00 at one auction, he is important and MIGHT be able to ask for a special favor now and then. But not too often.

The auctioneers and PT people and upper echelon at NAFA know their buyers very, very well!!