Banking points??? Can someone explain?

[itsmyhappyplace]

I am in the process of purchasing DVC at BCV. 200 pt. contract u/y of Feb. The seller tells me there are 57 points available from 2005 and all from 2006.

I am confused on the rules for banking points. I did not know that you had to inform Disney in a certain period if you were not going to use points.

Can someone clear this up for me or send me a link as to where the rules are?

Many humble thanks.

 

[browniemtb]

I am in the process of purchasing DVC at BCV. 200 pt. contract u/y of Feb. The seller tells me there are 57 points available from 2005 and all from 2006.

Well with a Feb UY you are already in 2006. So if those 57 points weren't banked already they are gone. If they are banked you should have 257 points available in you 06UY. When you book a ressie in 06UY those 57 points will be used first. But if you do not travel in your 06UY those 57 banked points are not bankable into the 07UY but the remaining 200 would be. Does this answer your question??
Brownie

 

[itsmyhappyplace]

Well with a Feb UY you are already in 2006. So if those 57 points weren't banked already they are gone. If they are banked you should have 257 points available in you 06UY. When you book a ressie in 06UY those 57 points will be used first. But if you do not travel in your 06UY those 57 banked points are not bankable into the 07UY but the remaining 200 would be. Does this answer your question??
Brownie

Yes it does partially answer my question. But how far in advance to you have to let Disney know that you are banking points? And if you don't let them know do you lose them at the end of that use year?

 

[wink13]

I have another banking question. Do banked points need to be used by the UY beginning of the month or end of the month? Explanation: UY OCT, banked points from 2004 do they expire on Oct 1s or Oct 31st of 2006?

Hope you don't mind me jumping on this thread but if someone is answering banking question I thought they could answer another questions.

 

[RobDoc]

Members have 6 months to bank up to 100% of their points - 9 months to bank up to 50% and 10 months to bank up to 25%. These percentages are cumulative, so if you banked 100 of your points within 6 months you would not be able to bank any more after that deadline since you would already have banked 50%. No points may be banked during the last 2 months.

Points banked from the prior year cannot be banked again and will expire at the end of the Use Year into which they were banked if not used for a reservation.

Use Years run for a full 12 months. A February Use Year runs from February 1 thru the following January 31. An October UY runs from October 1 thru the following September 30. Points banked from the prior year would need to be used by the end of the Use Year.

Enjoy!

 

[CarolMN]

Yes it does partially answer my question. But how far in advance to you have to let Disney know that you are banking points? And if you don't let them know do you lose them at the end of that use year?

You can bank up to 100% of your annual point llotment if you do it before the end of the 6th month following the start of your use year. If you have a February use year, your 100% banking deadline is July 31. If July 31 falls on a day that Member Services is not open, you need to call on or before the previous day (when MS is open).

You can bank up to 50% of your annual alloment if you do it before the end of the 9th month (that would be October 31 for a Feb use year) and up to 25% if you do it before the end of the 10th month (November 30 for a Feb use year).

You cannot bank at all during the last two months of your use year (December and January for a Feb use year).

The percentages are cumulative. So for example, let's say you have 200 points. You call to bank 125 of them in April. After July 31, you could not bank any more points because you already have more than 50% of your annual total already in the bank. If you had wanted to bank more than 100 (50% of your total), you would have had to let MS know before the end of July.

Banking is a final transaction. Banked points cannot be returned to their original use year and expire of not used during the year into which they were banked.

Best wishes -

 

[spiceycat]

if you can't bank the points or use them yourself - once you have brought the contract (if DVC doesn't ROFR) and the points in questions are still good.

you might consider renting them.

even $9 or $8 or $7 a point is better than losing them all together.

DVC rules are in the DVC member only website and you must be a member to have access to them.

once you are member get on DVC mailing list - it sends reminders to you about when you need to bank your points...

 

[itsmyhappyplace]

You are all so helpful. I am glad to be on this board. I have learned so much from all of you. And I hope to be a member soon. After 15 years of staying on property, it was time to take the leap.

 

[wink13]

You are all so helpful. I am glad to be on this board. I have learned so much from all of you. And I hope to be a member soon. After 15 years of staying on property, it was time to take the leap.

I agree with itsmyhappyplace.

My offer on 100 point contract at BCV this morning was accepted by the seller. Let's hope this one goes through ROFR.