Banking Question

[BlakeNJ]

I have 6 points remaining for 2006 OctUY. They need to be banked by March 31. I am on a waitlist (ressie @ SSR) for a BCV studio May 7-9. I would need 3 additional points. If I bank the 6 pts and my waitlist comes through, will I be able to use 3 banked points or can they not be used until Oct 2007?

Thanks,
Blakely

 

[BillPA]

Once banked the points can not be moved back, BUT you do not need to bank those 6 points in March. You can bank 100% of your total points by March 31, you have until June 30 to bank up to 50% of your total points, and until July 31 to bank up to 25% of your total points. Assuming you have not banked any 2006 points, and you have at least a 25 point contract those 6 points can be banked until July 31.

 

[BlakeNJ]

Once banked the points can not be moved back, BUT you do not need to bank those 6 points in March. You can bank 100% of your total points by March 31, you have until June 30 to bank up to 50% of your total points, and until July 31 to bank up to 25% of your total points. Assuming you have not banked any 2006 points, and you have at least a 25 point contract those 6 points can be banked until July 31.

Ah. Brilliant. I have learned two lessons here. Banked points can not be used in their current UY--correct? Banked points must be used in the following UY. In my case they can be used after Sept. 30. Second lesson learned is the percentage of points to be banked is based on contract total--not the percentage of the points you have left and wish to bank.

I have 150pt contract. With 6 points left, that's less than 25% of my total contract and therefor can be banked July 31--plenty of time to wait to see if my waitlist comes through.

Thanks!

 

[BillPA]

Banked points can not be used in their current UY--correct?

This is correct, BUT if you needed to you could BORROW 6 points, or what ever you need from your 2007 UY. Like banked points, once borrowed they can not go back and must be used in the current UY.

And one addition note, the 50% and 25% banking deadlines are for the total of banked points. So with 150 points if you bank 50 before the 100% deadline, you CAN ONLY bank an additional 25 points at the 50% deadline, for a total 75 p[oints, 50% of your total. And at the 25% dead line you would not be allowed to bank any additional because you would have 33% banked already. Hope this helps. It does get easier to understand the banking a borrowing rules. It is difficult to grasp all the rules right away.

When in doubt, post a question here, there are lots of very knowlageable folks on this board.