Annual dues

[Ck57524]

Ok, so obviously 2015 dues are paid. However when January comes we will have to pay 2016 dues. Can we do monthly payments for 2016 dues at this point and do they start in January?

 

[tjkraz]

Contact member accounting to see about setting up the annual payments. This is actually a good time to set it up. If you wait too long, they will expect 2016 dues to be paid in full at the start of the year.

In theory the payment plan makes 12 (roughly) equal deductions at the same time each month. But the January payment is usually delayed while all of the figures are finalized for the new year.

 

[Ck57524]

Ok thanks!! So the 2016 dues would be split between 12 months starting January 2016 right, but they want you to set it up ahead of time?

 

[tjkraz]

Ok thanks!! So the 2016 dues would be split between 12 months starting January 2016 right...

Correct.

...but they want you to set it up ahead of time?

If you do not specifically tell DVC that you wish to make monthly payments, they will assume you intend to pay in full at the start of the year. If the 2016 bill arrives in December and you have not set-up the monthly payment plan, it's usually too late to do it for that year. They'll require full payment for all of 2016 by the due date.

Once the monthly payment option has been elected, they will continue that setup in future years unless you again contact them to change your preference.

 

[erionm]

You have two options for the monthly payment date, either the 1st or 15th of each month. The January payment is always the 15th (or shortly thereafter) regardless of payment date selected.

 

[Dawn T.]

Is there an interest charge to make monthly payments?

 

[tjkraz]

Is there an interest charge to make monthly payments?

No interest charge. However monthly payments must be in the form of a direct debit from a US checking or savings account. No credit card payments or foreign debits.

If you pay in full, they will take a credit card. Some people prefer the rewards they earn from their CC rather than the interest-free loan you're getting by making monthly payments.

 

[ColinBlair]

The cheapest way to pay dues is using Disney gift cards. Without jumping through hoops you can easily buy them from Sams Club or Target at a 5% discount. If you started buying them now on a monthly basis then you would be ready in January, that is what I am doing. The Disney gift card website now allows you to transfer funds between cards so that you don't need to keep a pile of cards around until January.

If you want to jump through hoops, you can buy Target gift cards at a discount online and then stack that discount on top of the 5% discount. There is lots of discussion about how to do this on the Budget board.

 

[LisaS]

Is there an interest charge to make monthly payments?

Disney does not charge interest if you make monthly payments.

I look at it like this: our dues pay to operate the resort over the course of the year and if you pay in 12 installments you are paying "as you go". Disney is getting the money as it's needed to cover costs so there is no interest charge but you must pay via direct debit from a US bank so that Disney gets each payment on time.

If you opt to pay your annual dues at the start of the year (by paying in full in January), you are paying in advance. In exchange for giving Disney all the money up front at the start of the year, you can pay with a credit card. We get the credit card rewards, Disney gives up 3% to the credit card company but on the plus side, they get a full year of dues up front at the start of the year.

 

[pmaurer74]

If we pass ROFR then our account should be set up by Nov. 1, will this be too late to setup the auto debit?

 

[erionm]

If we pass ROFR then our account should be set up by Nov. 1, will this be too late to setup the auto debit?

No.