If you have not done so already you need to set up a MyDisneyExperience.com account. When you do so, set it up with the same user name and password that you have for the
DVC member site. It is via that
MDE account that you do such things as personalize and get magic bands and schedule your Fastpass+ for the days you will be there.
Once you have the DVC reservation, you then enter that reservation in your MDE account. You also put your park pass numbers in the account (you need to purchase those in advance and put the numbers in your MDE account to use FP+; if purchasing an AP, you get a receipt number that you can put in MDE since you won't get the actual pass until you arrive at WDW). If you have a reservation for a on site resort and park tickets (or applicable receipt number for an AP) you can make FP+ designations for all days you will be there at 60 days from date of arrival. You can also put all your dining reservations in that account. There is a "Family and Friends" page where you put in ID info for all those going on a trip and you designate which park ticket applies to each of those.
You must have the MDE account, your DVC resort reservation number in it, and your trip personnel identified in the MDE account to be able to "personalize" magic bands and have them sent to you before you arrive. You can personalize an MB for each person on the trip by providing a short name that will go on the band and designate its color. Your MDE account will tell you by when you need to complete that personalization. It will be a specific date about a month before you go and then once that date arrives, your MBs will be sent to you.
The MB is essentially a device that communicates with your MDE computer account when you are there. Thus, all FP+'s and your passes will be on your MB if, and only if, they are in your MDE account. Moreover, you can make changes to your FP+ after you get the bands and those will be recognized by your MBs (in other words the operation of the MBs is dependent on whatever is in your MDE account the day you actually use the band). Your MBs can be used to charge things to your room while at WDW as long as you have a credit card number on file with the room (which you can set up in your MDE account before going).To do any charging to the rooms with MBs you will need to enter a four digit code that you set up in your MDE account (or at check-in).
Be aware that if you want to get any discounts, such as the 10% DVC or AP merchandise discount at WDW stores or restaurant discounts, you will need your DVC membership card or your actual AP to show to the merchants because, apparently, the "readers" they have to read what is on your MBs when you do a charge will not tell them you are DVC or have an AP.