MF's payment questions...

[kristenrice]

I am getting a little ahead of myself since our resale just went to Disney yesterday for ROFR, but I am an obsessive planner....

Can you change your method of paying dues from year to year? Can you do lump sum payment one year and then set up monthly debit the next? I just don't want to "lock in" to lump sum payments and then realize that a monthly debit might be better.

My plan is to put our "monthly" dues into a high-interest savings account and then pay the total amount every January. We are renting out our first year of points so that money will give us a little nest egg. In addition, we have Disney Visa rewards $$$ to use towards our MF's.

I am also curious as to what others do. Do most people do the monthly payments?

 

[LisaS]

If you sign up for monthly direct debit, you can pay some/all of the remainder of your dues at any time. You do not pay anything extra to spread the payments out over 12 months and there is no penalty for paying your dues off early. Monthly payments can only be made by direct debit from your bank account but if you sign up for that and then want to make a lump sum payment towards the balance, you can do that with a credit card to get reward dollars/points. ETA: You can also use your Disney VISA reward dollars towards your dues.

 

[Chuck S]

You can change payment methods. When we joined, we vacationed at OKW in January, so we simply left the dues payment for the year at the front desk. When our vacation habits changed, we signed up for the monthly debit. Just be sure to sign up a few months in advance of January, so DVC can have your debit active and ready for the first payment.

 

[kristenrice]

Thanks for the quick responses! I just wanted to make sure that I wouldn't be committed to one payment method. I am going to take the 2009 cost, divide it by 12 and deposit that amount into my savings account each month. Since I'll have a bit of a nest egg and the money earns 3% (right now), I should have enough to pay 2010 dues in full in January of 2010. I'll charge them to my Disney Visa and then pay off the card!

 

[Disney_Villain]

If you're not a USA citizen (like us), you can't make monthly payments. We have to pay annually (right after Christmas), so we set up a savings account to do this. It isn't that bad. We get airlines rewards for using our cc to make the big payment!

 

[WDWcanuck]

Is this still true for Canadians even if you have a US bank account set up with your bank?

 

[Chuck S]

Is this still true for Canadians even if you have a US bank account set up with your bank?

As far as I know, unless the account is actually with a US bank, not a Canadian bank, you still can not do monthly debit for dues.