Canadian DVC owners question

[sean-1966]

Is anybody able to pay their DVC dues monthly? We just got hit with the '06 dues and OUCH!!! I called the US branch of our Canadian bank and they say I need a US address that I live at for 6 months of the year. DVC says they can't help me. I really don't want this to happen next year.

 

[MikeJ]

We've been doing the following since we bought DVC a number of years ago.

We take our projected annual dues (say $1800) and divide by 12 to get a monthly amount of $150. Then, on the 15th of every month I transfer $150 into a bank account we have set up exclusively to hold our dues payments. Then we make our annual dues payment with DVC in January using the credit card (earning Air Miles). Once I see how much the dues translates into in Canadian dollars, I simply pay off the credit card with the money in the special account. Same basic result as paying monthly, but we get the added bonus of earning Air Miles on our dues payments. The only time you might lose on the transaction is if the Canadian dollar goes into the tank just before you make your payment to DVC - but that hasn't been an issue in the past five years.

- Mike

 

[Scratch42]

Unfortunately, we have no other option.

So what MikeJ says, is the best way to go so that it doesn't creep up on you!

janet

 

[Alysa]

We do the same with an ING account - at least you can make a little interest that way.

 

[pkitty]

Ditto for us...although I've started doing an RRSP payment instead and then use my return to pay my dues.

 

[CharlesTD]

We put away money from every pay into our US account then the money is there for the dues when they come up.

 

[Tiger926]

Unfortunately, as everyone else stated, as Canadians we can only pay monthly if we have a U.S. account. Did your guide not tell you this when you signed? As well, it's in the contract that you would have signed when purchasing. Put money away each month as others suggested, or, pay it yearly as many of us do on our credit cards (we have cash back gold VISA) - it would be great if we could pay monthly, but that's not an option for many of us do to bank residency requirements.

Good luck - dues were much higher this year do to underpayment of taxes last year, Tiger

 

[TreesyB]

Also, check around for a US Dollar CC at least you can tranfer into the account when the dollar is at a good rate.

 

[surfer_ed]

You can get a US account with RBC with their bank in the US, RBC Centura.

You do not need to live in the US. RBC Centura can be directly debited by Disney because it is a US domestic bank account. It takes a couple of weeks to open the account but your branch here in Canada can do it.

We did it to get the lower interest rate on our DVC Payments.

I paid my dues by credit card but my monthly payment comes out of my Centura account. I ttransfer the money online from my US account here in Canada to Centura.

 

[sean-1966]

OK tell me how you did it Centura told me they can't do it because I don't live in the States 6 months of the year. What kind of account do you have?

You can get a US account with RBC with their bank in the US, RBC Centura.

You do not need to live in the US. RBC Centura can be directly debited by Disney because it is a US domestic bank account. It takes a couple of weeks to open the account but your branch here in Canada can do it.

We did it to get the lower interest rate on our DVC Payments.

I paid my dues by credit card but my monthly payment comes out of my Centura account. I ttransfer the money online from my US account here in Canada to Centura.

 

[Daddio]

sean-1966

We just did exactly what surfer_ed described above. Our RBC rep did all the work for us in our local branch. We did need to list a US address (guess what we used) but selected to have all correspondence come to our Canadian address. Also needed a cell phone number because we didn't have a US telephone number.

All went smooth and we even went into a Centrua Branch in Orlando to do some other add ons to the account. The fellow there was so good to us it made uswant to book our next vacation from the branch

 

[surfer_ed]

Sorry for the delay in replying. If you open an account thru Centura than I think you need the US address but if you do it thru your RBC branch, you do not need the US residence, it qualifies under the snowbird program.

There is an additional form that must be filled that indicates your tax status as a non US resident. Takes a few weeks but there should be no problem.

PM me about where you live and maybe I can recommend a branch.

 

[CharlesTD]

Sun Trust and anotehr bank we contacted will both open a US account for you with a CDN address we looked at doing this back when we furst purchased but didn't want the hassle of sending money to the account so we decided to forget the idea.