Question About Banked Points

[ColoradoBelle1]

All of last years points (170) were banked by the seller before my purchase. My use year is February, so I now have 340 points, 170 of which must be used by Jan 31, 2006 right?

1. Can the 170 banked points be transferred into someone else's account? Or, if I can't use them, must they be rented?

2. When is the cut off date for banking all the 2005 points?

Thanks!

 

[Pa@okw95]

I am not a 100 percent sure of this answer but I would say the points were banked so they can not be used until the use year that they were banked into that would be Feb 06. So you have 340 total points for the use year beginning Feb 06. Also you do not have to rent points you can just let them expire if you do not use them, but you should always bank them first, so you have as much time as possible to use them. Now I must repeat, I am not 100 percent sure about my answer. I would call MS and ask.

 

[tjkraz]

1. Banked and borrowed points may not be transferred.

2. The 100% banking deadline is 6 months into your Use Year. For February that would be July 31st. Note that the banking must be done by the last business day BEFORE your deadline. If the 31st is a Saturday, you must call and bank by the 30th. They will not permit the banking on Monday the 2nd.

Months 7-9 after your UY you can bank up to 50% of your total ownership. In month 10 you can bank 25%. No banking is permitted in months 11 and 12.

Also note that banking is cumulative up to those limits. If you bank 50% or more of your points in month 6, you cannot bank ANY points in months 7+.

 

[Caskbill]

It sounds like you've got a 170 points contract with a February UY and all the 2004 points were banked into your 2005 UY, giving you currently 340 points there.

1. Banked points cannot be transferred. Those 2004 points are now in your 2005 use year which covers the dates Feb 1, 2005 through Jan 31, 2006. Those 170 points must be used by Jan 31, 2006 or they will be forfeited. You can try to rent them if you want to, or perhaps use them for some weekend getaway closer to home instead of for a DVC resort. But in any case, they will expire on Jan 31, 2006.

2. The cutoff for banking 100% of a use year's points is at 6 months. So for a February UY, that would be the last day July, 2005. (july 31, 2005) Keep in mind you can only bank the regular allocation points for that use year, not any points that were banked in from a previous use year. In other words, banked points cannot be banked again. I don't think you you were thinking this, but if you were thinking you could bank all 340 points, that is incorrect. You may bank the 170 new 2005 allocated points into the 2006 Use Year. The remaining 170 banked points from 2004 will remain in your 2005 UY.

 

[ColoradoBelle1]

Thank you thank you!!!
I finally understand!

I 'bought' a ressie for May with the idea that I will transfer my own points when I get them (and then hopefully, she will give me my money back). Anyway, I will have to use points from my 2005 allotment to 'transfer' into her account.

If I rent points out...I can use the banked points for rentals through January 2006. If I want to 'save' my 20045 year points, I can either use them, rent them through Jan 2006 or bank what is left of them by July, 2005 in which case I can't use them until after February of 2006.

Whew!!!!! I think I've got it!
Appreciate your in-depth explanations!

 

[Bill K]

I might be wrong on this but they will use your banked points first for your ressie, leaving your regular points alone unless your ressie requires more than the 170 points banked.

 

[CarolMN]

Thank you thank you!!!
I finally understand!

I 'bought' a ressie for May with the idea that I will transfer my own points when I get them (and then hopefully, she will give me my money back). Anyway, I will have to use points from my 2005 allotment to 'transfer' into her account.

Correct. As already mentioned, you cannot transfer points that have been banked. But you can transfer points from your 2005 allotment to another member.

If I rent points out...I can use the banked points for rentals through January 2006.

Yes. Actually, you will using the banked points to make a reservation and renting the reservation.

If I want to 'save' my 20045 year points, I can either use them, rent them through Jan 2006 or bank what is left of them by July, 2005 in which case I can't use them until after February of 2006.

Whew!!!!! I think I've got it!
Appreciate your in-depth explanations!

Assume 20045 is a typo and you are talking about your 2005 allotment of points. If so, you are correct.

Best wishes -