Confused on the whole banking thing????

[keggero]

New to DVC. Just joined last week and already Beachblanket hates my guts. Anyway, my use year is December. When I joined, they gave me 200 pts for Dec 2007 and I will get another 200pts in Dec 2008. When they gave my initial 200pts for joining, do I have to declare I'm banking them? My rep said to bank them when we joined. And when I get my 200pts for Dec 2008, my rep told me I have to decide if I want to bank them by July 2008. Is this correct? She also said I have to use all 400 points by 11/30/09. What happens if I don't bank my points come July?

I'm really kind of confused with the whole banking thing.... I really love this forum. I've been pretty much on it for the last couple of months and for the last week, all I've been doing is reading about the aspects of the DVC. Thanks for listening and even more for responding!!

 

[dianeschlicht]

New to DVC. Just joined last week and already Beachblanket hates my guts. Anyway, my use year is December. When I joined, they gave me 200 pts for Dec 2007 and I will get another 200pts in Dec 2008. When they gave my initial 200pts for joining, do I have to declare I'm banking them? My rep said to bank them when we joined. And when I get my 200pts for Dec 2008, my rep told me I have to decide if I want to bank them by July 2008. Is this correct? She also said I have to use all 400 points by 11/30/09. What happens if I don't bank my points come July?

I'm really kind of confused with the whole banking thing.... I really love this forum. I've been pretty much on it for the last couple of months and for the last week, all I've been doing is reading about the aspects of the DVC. Thanks for listening and even more for responding!!

First of all, don't worry if a rude poster hates you...

With a December use year, you recieved 2007 points, and if you don't want to use those points for a trip prior to November 30, 2008, you will need to bank them before August 1st of this year. Then you will get your new allotment of points added for your Dec. 2008 use year and have a total of 400 points that can be used for a booking before 11/30/09. The banked portion (200) MUST be used before 11/30/09. If you do NOT use OR bank your 2007 points prior to August 1, you will lose them completely and only have access to your 2008 points for booking between Dec. 1/2008 and Nov. 30/2009.

If you can't use this year's allotment of points you really should either bank them or rent them out. Whenever you bank points into the next use year, you have to make sure you use at least that number of points for a stay in that use year they were banked into, because they expire at the end of the use year they were banked into.

I make a little chart for myself and I am usually in banked mode. That means I just have to make sure I use at least as many points the next year as I banked in, and I can bank any remaining from any current use year into the next one.

 

[dmanz32]

New to DVC. Just joined last week and already Beachblanket hates my guts. Anyway, my use year is December. When I joined, they gave me 200 pts for Dec 2007 and I will get another 200pts in Dec 2008. When they gave my initial 200pts for joining, do I have to declare I'm banking them? My rep said to bank them when we joined. And when I get my 200pts for Dec 2008, my rep told me I have to decide if I want to bank them by July 2008. Is this correct? She also said I have to use all 400 points by 11/30/09. What happens if I don't bank my points come July?

I'm really kind of confused with the whole banking thing.... I really love this forum. I've been pretty much on it for the last couple of months and for the last week, all I've been doing is reading about the aspects of the DVC. Thanks for listening and even more for responding!!

You need to bank your initial (2007) points by the end of July this year. Those points will have to be used by the end of November 2009. Your points every year need to be banked (if you're banking them) by the end of July. So, when you get your Dec. 2008 points you have until July 2009 to decide to use them or bank them. If you don't bank the Dec. 2008 points all 400 will have to be used by the end of November 2009.

Hope this helps.

 

[jamstew]

New to DVC. Just joined last week and already Beachblanket hates my guts. Anyway, my use year is December. When I joined, they gave me 200 pts for Dec 2007 and I will get another 200pts in Dec 2008. When they gave my initial 200pts for joining, do I have to declare I'm banking them? My rep said to bank them when we joined. And when I get my 200pts for Dec 2008, my rep told me I have to decide if I want to bank them by July 2008. Is this correct? She also said I have to use all 400 points by 11/30/09. What happens if I don't bank my points come July?

I'm really kind of confused with the whole banking thing.... I really love this forum. I've been pretty much on it for the last couple of months and for the last week, all I've been doing is reading about the aspects of the DVC. Thanks for listening and even more for responding!!

I just bought a December use year, too, and it's a little confusing since your 2007 use year is basically for use in 2008. I booked a trip for September using part of my points and banked the remainder into my 2008 use year. Those points have to be used before 11/30/09 or you lose them.

 

[CarolMN]

Here's the "chart" for December use years that Diane mentioned:

2007 points are good for stays between 12/1/2007 and 11/30/2008.
2008 points are good for stays between 12/1/2008 and 11/30/2009.
2009 points are good for stays between 12/1/2009 and 11/30/2010.
2010 points are good for stays between 12/1/2010 and 11/30/2011.
etc.

If you do not use the points before the end of the following November, they expire. So for example, if you don't use your 2007 use year points by November 30, 2008 and you don't bank them, they expire and are forfeited.

You can extend the life of the points by one use year if you bank them. You must bank them before the end of the following July. For example, if you want to bank 2008 use year points, you have to do it by July 31, 2009.

You can only bank the same points once. For example, if you bank the 2007 use year points, they become good for stays between 12/1/2008 and 11/30/2009. The last night the points can pay for is 11/30/2009.

 

[itsreally4mommy]

Once you bank points, how soon before you can withdraw them?

 

[SuzanneSLO]

Once you bank points, how soon before you can withdraw them?

You can use them immediately to book a reservation for the UY into which they were banked (subject to the usual 11/7 month booking windows). -- Suzanne

 

[CarolMN]

Once you bank points, how soon before you can withdraw them?

You can use banked points immediately to make reservations. The reservation must be for a stay that occurs during the use year for which the banked points are now valid.

For example, if you have a December use year and bank your 2007 points, the banked points become good for stays in the 2008 use year (12/1/2008 - 11/30/2009). You can use use the banked points immediately after you bank them (even on the same call you make to bank the points) for any stay that will happen during the 2008 use year (subject to the 11/7 month booking rules).

 

[Caskbill]

Once you bank points, how soon before you can withdraw them?

You don't actually 'withdraw' them, but you just use them to make a reservation. You can make reservations at either the 11 month window or the 7 month window depending if reserving at your home resort or not. The date of the reservation determines which use year the points come from.

Suppose you bank 2007 December UY points into a Dec 2008 use year. The 2008 UY covers the dates Dec 1, 2008 through Nov 30, 2009.

You could call today to make an April 2009 reservation. April 2009 is in the Dec 2008 use year, and since the 2007 points were banked into the 2008 UY, then when you make the April 2009 reservation you simply ensure the CM uses the banked 2007 points first.

Hope this helps.