Banking points

[sbd929]

As a renter, what, if anything, do I need to know about banked points from the owner? I understand points expiring and use year, but I want to make sure I’m understanding everything before we rent. Thanks!

 

[BillPA]

You need to know nothing. You can only rent a reservation, you do not get points.

 

[Marionnette]

As a renter, what, if anything, do I need to know about banked points from the owner? I understand points expiring and use year, but I want to make sure I’m understanding everything before we rent. Thanks!

Banked points are points that have been “banked” from the original UY into the next UY. They cannot be used prior to the beginning of that next UY nor after the last day of that UY.

FOR EXAMPLE:
Let’s say that I have a Feb UY and I have banked 100 of my 2020 points into my 2021 UY. Those banked points cannot be used to make a reservation that begins before the night of Feb. 1, 2021 and they will expire after Jan 31, 2022.

What this means to a renter is that if the points being used for the reservation have been banked, the owner will have less flexibility to make any changes to the reservation (if they allow it at all). It can be more complicated than that but the main point is that you cannot expect an owner who booked your reservation with banked points to offer too much flexibility or even a refund if you should decide not to take your trip.

 

[zavandor]

You need to know nothing. You can only rent a reservation, you do not get points.

It depends on the contract. Going forward I'lll disclose the status of the points I rent out, because if anything happens to the renter, I would help them to rebook another reservation. But only until the points expire, of course.
Some owners may be willing to do that, other will have strict no cancellation policy.
That said, I'm planning to use a lot of points in 2021 ans 2022, so I won't have points for rent for 3-4 years, so who knows what'll happen by then.

 

[sbd929]

Banked points are points that have been “banked” from the original UY into the next UY. They cannot be used prior to the beginning of that next UY nor after the last day of that UY.

FOR EXAMPLE:
Let’s say that I have a Feb UY and I have banked 100 of my 2020 points into my 2021 UY. Those banked points cannot be used to make a reservation that begins before the night of Feb. 1, 2021 and they will expire after Jan 31, 2022.

What this means to a renter is that if the points being used for the reservation have been banked, the owner will have less flexibility to make any changes to the reservation (if they allow it at all). It can be more complicated than that but the main point is that you cannot expect an owner who booked your reservation with banked points to offer too much flexibility or even a refund if you should decide not to take your trip.

Thanks! That was what I was understanding but wanted to be sure of how and why there would be implications on the renter. I appreciate your transparency.

 

[Sandisw]

Thanks! That was what I was understanding but wanted to be sure of how and why there would be implications on the renter. I appreciate your transparency.

The key in needing to know the status is if you book with an owner or broker who allows changes.

If the person you decide to do business with does not, then it won’t matter,

Many owners do not allow changes or cancellations, so in those cases, it won’t matter. But, for owners who do, they will let you know the final date you can adjust the reservation.

 

[LAX]

The key in needing to know the status is if you book with an owner or broker who allows changes.

If the person you decide to do business with does not, then it won’t matter,

Many owners do not allow changes or cancellations, so in those cases, it won’t matter. But, for owners who do, they will let you know the final date you can adjust the reservation.

With what has transpired the last several months, it would be silly for anyone to commit to a "no change/no refund" reservation unless the discount is worth the risk. That's not even considering the fact that now is basically a renters market. If you are not flexible, there are plenty of owners with surplus of points will.

LAX

 

[Sandisw]

With what has transpired the last several months, it would be silly for anyone to commit to a "no change/no refund" reservation unless the discount is worth the risk. That's not even considering the fact that now is basically a renters market. If you are not flexible, there are plenty of owners with surplus of points will.

LAX

Very true, and I do agree that owners will have to charge less and change practices to compete, not only with each other, but with Disney.

Renters do need to understand still it’s owners who set terms, and so knowing status is important if they are offering changes.

 

[wishicouldgomoreofte]

The key in needing to know the status is if you book with an owner or broker who allows changes.

If the person you decide to do business with does not, then it won’t matter,

Many owners do not allow changes or cancellations, so in those cases, it won’t matter. But, for owners who do, they will let you know the final date you can adjust the reservation.

To add to this--that does not mean what your want, or anything, for that matter will be available.