Can someone explain the "holding account"

[danjulia]

I've learned SO MUCH the last few weeks on this board - way more than could ever appear in printed literature. I still don't understand what the holding account is that your points are placed in if you cancel less than 30 days out. I would love an answer. Thanks again...

...getting closer & closer to an actual purchase!

[This message was edited by danjulia on 02-27-01 at 04:10 PM.]

 

[Galahad]

When your points are put into the holding account, you can only use them to book visits that are 30 days out or less. So you don't actually lose your points, but you have to take a chance on short notice availability.

 

[danjulia]

is it just during their use year and then they're gone?

 

[Peter Johnson]

I don't want to sound pedantic, but you have to cancel at least 31 days before the first day of your stay... I found that out the hard way when I had to cancel on the 30th day before

You're right, you can only use them up to the end of the current use year. If you don't use them, you lose them.

Also, I seem to recall that the holding account is now 60 days, not 30. Is that true, or am I just imagining that?

Peter and Syl
DVC (OKW) '92, VB '95
Going to OKW May 19-30 and Dec 8-19

 

[Galahad]

Peter, you are right about the 60 days. Here is an excerpt from the guidebook. Hope it helps.

HOLDING ACCOUNT VACATION POINTS.

If a confirmed reservation is canceled thirty (30) days or less before the arrival date, the Vacation Points used to make that reservation are placed into a Holding Account.

Holding Account Vacation Points are subject to the following restrictions:
1) Holding Account Vacation Points can only be used to book reservations within sixty (60) days of arrival.

2) Holding Account Vacation Points must be used for reservations during their Use Year. Any Vacation Points remaining in the Holding Account at the end of their Use Year will expire.

3) Holding Account Vacation Points cannot be Banked.

4) Holding Account Vacation Points used to make reservations in the last 60 days of a Use Year may only be used for reservations at a DVC Resort.

EXAMPLE

Carl is a Member at Disney’s Hilton Head Island Resort whose Use Year begins in March. In April, Carl made a 210 Vacation Point reservation Disney’s Hilton Head Island Resort for a mid-August stay. On August 8, Carl's daughter came down with the chicken pox, so Carl decided to reschedule his stay to November 24.
Because Carl canceled his stay within60 days of arrival, the 210 Vacation Points go into his Holding Account.
Those 210 Holding Account Vacation Points can only be used to reserve Vacation Homes within 30 days of arrival. Carl may use those 210 Holding Account Vacation Points for a stay to be completed no later than February 28, the end of his Use Year. Carl's first opportunity to request his November stay using the Holding Account Vacation Points would be September 25.

 

[PamOKW]

but something isn't right in the example.

<BLOCKQUOTE><font size="-1">quote:</font><HR> Because Carl canceled his stay within 60 days of arrival, the 210 Vacation Points go into his Holding Account.
Those 210 Holding Account Vacation Points can only be used to reserve Vacation Homes to reserve Vacation Homes within 30 days [/quote]

Cancelling within 60 days has no penalty. Cancelling within 30 days kicks in the holding account.

The holding account policy was changed to allow members to make reservations within 60 days of arrival (not 30).

 

[ralph]

Actually, I think there may be two typos, interchanging 60 and 30:

Quote: "Because Carl canceled his stay within 60days of arrival, the 210 Vacation Points go into his Holding Account. Those 210 Holding Account Vacation Points can only be used to reserve Vacation Homes to reserve Vacation Homes within 30 days."

Should these be interchanged so that the reference to a September date to make a replacement reservation for a November stay fits the 60 day requirement?

Ralph

 

[Galahad]

PamOKW. If it is a typo, it is that way in the online version of the Member Guidebook. I just did a cut & paste from the pdf document. Interesting, huh?

 

[PamOKW]

Galahad -- Good thing they have that info on the Member site to explain things! I think Ralph is right (and what I was trying to say) that the 30 and 60 are reversed.

Any other banking/holding account experts who can help decipher the DVC example?