Banking question

[kdzgon]

I'm very confused - someone is giving me incorrect info and while i THINK I know who it is, I'd like confirmation from someone here well-versed in banking rules.

The scenario as I understood it was as follows:

Resale contract, UY is April, 300 pt contract. 150 pts have already been banked (time of banking unknown), 150 still available in current yr (4/1/06 - 3/31/07).

Sales agent at resale firm (2 of them, actually) insisted "100% sure" I would have until the end of Dec to bank the remaining points.

Disney guide was just as adamant that it is too late to bank the second 150 (had until 9/30/06 to do so), and they must be used before 4/1/07 or will expire.

Resale sales agent offered to email Disney and get confirmation that he is correct and forward same to me; I said "please do".

Interestingly enough, each company quoted the same written rules to me, but each interpreted them 180 degrees apart. I read the rules, and it seems pretty clear that the Disney guide is correct, but I'd like a more experienced opinion. Based on the facts outlined, which answer is correct?

The answer does not matter in the specifics, because (a) the resale agent called to say that the points could not be banked because seller did not bank the first 150 until October and (b) the seller managed to get Disney to bank the second 150 pts, making it a moot point. However, the answer seems important to me, because the value of the contract is most definitely affected by these points. Shouldn't a salesperson be well versed in the banking rules, especially as it can impact a contract?

Also, how about points on hold? Is it no more than 30 days in advance, or no more than 60? (another set of conflicting info) Seems to be another rule with which each sales person should be vell-versed.

The more I ponder these conflicts, the less of a "warm & fuzzy" feeling I have. Am I putting too much importance on this, or am I right to be concerned, at least a little bit?

 

[Boston5602]

For an April U/Y I'm pretty sure these are the deadlines...( I have Dec U/Y , I just moved the months)

100% - September 30 - 6 months
50% - December 31 - 9 months
25% - January 31 - 10 months

no banking the last 2 months


points in holding can be used by making a reservation that is booked 60 or less days before the new check-in date.

Good Luck

 

[RobDoc]

Each Use Year, members have 6 months to bank up to 100% of their current points. An april Use Year has until the end of September to bank all of their points. They also have until the end of 9 months to bank up to 50% of their points - inlcuding any already banked. If you have 300 points and 150 were already banjed prior to the end of September, then no more may be banked after that date.

The same holds true for the 50% and 25% banking periods. These totals are cumulative, so if the points banked exceed those percentages then no more may be banked. DVC members may bank up to 100% within 6 months, up to 50% thru 9 monhs and up to 25% thru 10 months. No points may be banked during the last two months of the Use Year.

DVC will sometimes allow a "one time special exception" to the banking rules which may have been granted in this case. In most cases, this exception is per contract, so it has already been used for this contract.

Reservations cancelled within 30 days of arrival go into a "Holding Account" where those points may only be used to make a reservation within 60 days of the date when you call for another reservation.

 

[Happy Birthday Cat]

The answer does not matter in the specifics, because (a) the resale agent called to say that the points could not be banked because seller did not bank the first 150 until October and (b) the seller managed to get Disney to bank the second 150 pts, making it a moot point.

As has already been said, to bank all 300, it would have had to have been done by 9/30/06. But since the seller managed to get Disney to bank the rest of the points, you're all set.

This is just a guess but the sales agent at the reseller was probably interpreting the banking rules as if you could bank 50% of your points by 12/30/06. Thinking (incorrcetly) that since there was 50% remaining they could be banked. Since 50% had already been banked, no more could have once the owner passed 9/30/06. This is a common misinterpretation of the rules.

HBC

 

[kdzgon]

For an April U/Y I'm pretty sure these are the deadlines...( I have Dec U/Y , I just moved the months)

100% - September 30 - 6 months
50% - December 31 - 9 months
25% - January 31 - 10 months

no banking the last 2 months


points in holding can be used by making a reservation that is booked 60 or less days before the new check-in date.

Good Luck

Yes, everyone is in agreement that 50% of the points can be banked, but the interpretation diverges from there. The Disney guide said one cannot bank because the max bankable is 50% (300 x .5 = 150) and there were already 50% of points (total banked=150) The sales rep also said the max bankable is 150, but since the "current" 150 is not more than 50% of the total, the current 150 could be banked, essentially ignoring the points already banked to '07 in the calcs (total banked=300).

edited to add: sorry - I type slowly - some responses were posted while I was plugging along. Thanks for the confirmations, though. Seems like the "score" is 1-1.

 

[Happy Birthday Cat]

The Guide is correct. Here is an example from the Q&A section of the DVC Member website:

Can you give me an example of banking Vacation Points?

Let's say your Use Year begins in February and your annual Vacation Points allotment is 400 Vacation Points. In March, you decide to bank some of your Vacation Points. Since you are in the first six months of your Use Year, you can bank all 400 Vacation Points into your next Use Year. However, you choose to bank only 150 Vacation Points at the time.

In August, you decide to bank more of your Vacation Points. While you still have 250 Vacation Points available in your current Use Year, you can only bank up to 50 more Vacation Points. Because you are now in the third quarter of your Use Year, you can bank Vacation Points until the total bank reaches 50% of your annual allotment. When these 50 Vacation Points are added to the 150 Vacation Points already in your bank, your total banked to date will equal 200 Vacation Points - or 50% of your annual allotment. Once your bank is "full," you cannot bank any more Vacation Points during your current Use Year.

HBC

 

[RobDoc]

The totals are cumulative - so if 50 % (or more) has already been banked by September 30, no more may be banked unless an exception is granted by MS (usually only one exception is allowed per contract, so no other excpetions would likely be allowed for that contract in the future).

 

[Dean]

Technically the other 150 points remaining in the 2006 use year can't be banked. They will likely allow an exception in this case but don't count on it unless the points are banked prior to your closing. If you can't use the points, reduce your cost in this contract by an amount equal to $10 per point lost, in this case $1500. Don't get all the way to closing still trying to get this worked out.

 

[kdzgon]

Technically the other 150 points remaining in the 2006 use year can't be banked. They will likely allow an exception in this case but don't count on it unless the points are banked prior to your closing. If you can't use the points, reduce your cost in this contract by an amount equal to $10 per point lost, in this case $1500. Don't get all the way to closing still trying to get this worked out.

Thanks - I know (after some frantic searching & lots of reading & of course help from some great DISers) that technically they cannot be banked, but Disney did allow it. They have been banked and our contract reflects that as well.

 

[Dean]

Thanks - I know (after some frantic searching & lots of reading & of course help from some great DISers) that technically they cannot be banked, but Disney did allow it. They have been banked and our contract reflects that as well.

Great, glad it worked out.