Bank Transfer?

[rigsby25]

I can't ask this question on the rent/trade board because they don't allow discussions. I am a member renting points for my daughter, and the renting party wants me to find out if I can do a bank transfer. I guess I'll call my bank tomorrow, but is this a normal thing for renting? Does anyone know how it works? If I transfer the money and don't get the points, do I have any recourse?

 

[browniemtb]

I can't ask this question on the rent/trade board because they don't allow discussions. I am a member renting points for my daughter, and the renting party wants me to find out if I can do a bank transfer. I guess I'll call my bank tomorrow, but is this a normal thing for renting? Does anyone know how it works? If I transfer the money and don't get the points, do I have any recourse?

Are you renting or transfering points into your account? Every one has their own payment plan....try to see if they would use paypal. That way they create an invoice and email it to you and you can use your credit card. Its quick and safe for both parties. As you must have read that these transactions between DVC members and renters and amongst other DVCers there is an element of trust that has to go along with every transaction. Good Luck
Brownie

 

[greenban]

I can't ask this question on the rent/trade board because they don't allow discussions. I am a member renting points for my daughter, and the renting party wants me to find out if I can do a bank transfer. I guess I'll call my bank tomorrow, but is this a normal thing for renting? Does anyone know how it works? If I transfer the money and don't get the points, do I have any recourse?

Bank/Wire Transfers usually start at $35.00 and go way up. If I remember correctly, some banks also charge for receiving a Wire!

I'd go with Brownie's advice, see if they'll take PayPal. If you use PayPal and a credit card, you will have a double layer of protection.

Most Owners that I know, require a deposit (usually 25%) at reservation time, and the remainder 60-90 days BEFORE your vacation.

Now if you are planning a vacation in the next 1-60 days, all bets are off, I would want full payment in advance as well!

Hope this helps, if you post more info, we can give you better advice.

-Tony

 

[rigsby25]

Thank you. I noticed this party has only had 2 posts. They contacted me through a pm after I had posted. They offered to do the pay pal, but they would have had to open an account and it would be 3% more naturally - which is fine with me, but I said not to go through any trouble. I think I'm going to ask them. I don't they have ever rented points before.

 

[Doctor P]

There is no cost to open a PayPal account and as long as they don't want to use a credit card then there is no cost on either end for the transaction. The only problem that I ran into was that the account I had had to be a "verified" account so that I could receive money. The only issue was that that took like three days to go through the process. BTW, this is really the same thing as a bank transfer, just with a middle person. But, I reiterate, there are NO fees involved.

 

[browniemtb]

There is no cost to open a PayPal account and as long as they don't want to use a credit card then there is no cost on either end for the transaction. The only problem that I ran into was that the account I had had to be a "verified" account so that I could receive money. The only issue was that that took like three days to go through the process. BTW, this is really the same thing as a bank transfer, just with a middle person. But, I reiterate, there are NO fees involved.

Paypal will charge 3.1% for any credit card transaction based on the dollar amount. If both parties are verified paypal members and have a cash balance the cash transfer I believe is a no charge. We just rented points and recieved the deposit via paypal paid by the rentors CC....paypal immediately deducted 3.1%.
Brownie

 

[Doctor P]

Paypal will charge 3.1% for any credit card transaction based on the dollar amount. If both parties are verified paypal members and have a cash balance the cash transfer I believe is a no charge. We just rented points and recieved the deposit via paypal paid by the rentors CC....paypal immediately deducted 3.1%.
Brownie

Uhhhh....isn't that what I said--I indicated that what I said did not apply to credit card transactions, and that you have to be verified in order to RECEIVE money into your PayPal account. I also suspect strongly that if the person wanted to do a "bank transfer" they probably weren't planning on using a credit card, but I might be wrong and that was why I put the caveat on. Thanks for confirming the information, though.

 

[LisaS]

Paypal will charge 3.1% for any credit card transaction based on the dollar amount. If both parties are verified paypal members and have a cash balance the cash transfer I believe is a no charge. We just rented points and recieved the deposit via paypal paid by the rentors CC....paypal immediately deducted 3.1%.
Brownie

Thanks for posting this Brownie. I've never used Paypal and was curious what they charge when you receive funds through them that had been paid via a credit card. What do you need to do to become a verified paypal member?

 

[browniemtb]

Uhhhh....isn't that what I said--I indicated that what I said did not apply to credit card transactions, and that you have to be verified in order to RECEIVE money into your PayPal account. I also suspect strongly that if the person wanted to do a "bank transfer" they probably weren't planning on using a credit card, but I might be wrong and that was why I put the caveat on. Thanks for confirming the information, though.

Sorry Doc.........

 

[browniemtb]

Thanks for posting this Brownie. I've never used Paypal and was curious what they charge when you receive funds through them that had been paid via a credit card. What do you need to do to become a verified paypal member?

Paypal will give you a list of things to become verified. I've been verified for a while so I forget most of the criteria, but this is what they have on me....

1) Name, address, phone, email (standard stuff)
2) 2 credit cards attached - 1 of which is called the primary
3) 2 checking accounts attached - this they verify by actually putting money into you account, it may be .05 or .88, and then you have to log on and tell them how much you received. That way they know its your account.

Once paid through paypal you need to have a few more links to get an electronic transfer into you bank account. Standard is $500 per month with out the info they request. This info, to go above the $500, is either a SS # or they can charge your CC $1.95 and on the CC statement is a specific code. With this code you need to log back into paypal and tell them what it is. This is kind of neccessary being that if you rent points and recieve $1500, it would take you 3 months to withdraw this amount into your bank account.
Hope this helped
Again sorry Doc
Brownie

 

[Doctor P]

Sorry Doc.........

I was really just concerned that you were intending on disagreeing with what I said, or indicating that there was an error. If it was just a matter of reinforcing it or repeating it, I think that is very helpful.

 

[browniemtb]

I was really just concerned that you were intending on disagreeing with what I said, or indicating that there was an error. If it was just a matter of reinforcing it or repeating it, I think that is very helpful.

I was trying to repeat it. Most renters that I have spoken to like using a credit card because they feel secure this way and some even really request it becasue they have the Disney card and want points. The 3% deal through Paypal caught me off guard....so if any renters go this route make sure you tack on at least 3%. I do apologize if I sounded disagreeable...
Brownie

 

[Doctor P]

I was trying to repeat it. Most renters that I have spoken to like using a credit card because they feel secure this way and some even really request it becasue they have the Disney card and want points. The 3% deal through Paypal caught me off guard....so if any renters go this route make sure you tack on at least 3%. I do apologize if I sounded disagreeable...
Brownie

Even if it were to have been a "disagreeing" post, there was nothing "disagreeable" about it. I also think this thread is providing some very useful information for people on boht sides of a rental transaction.

 

[LisaS]

Paypal will give you a list of things to become verified...

Thanks, Brownie! I've been meaning to sign up with Paypal for a while now, but wanted to have some idea what info I needed to have in hand when I do. Thanks!