Transferring Points and Agreements?

[js]

When someone trasnfers points from one account to the other, how is the member that transferred protected?
Once points are out of your account, you are out of luck so do you require payment first?

How would that be done with a contract?

How does payment get made for that? Pay first and then transfer?
Thank you for your insight.

 

[disneynutz]

The terms are agreed upon by both parties. Renting and transferring points is not for everyone, there are risks.

Bill

 

[BWV Dreamin]

First if you are receiving the points you would want to confirm thru a 3 way call with MS that the points are actually there and eligible for transfer. Secondly, if you are the one transferring out you should get whatever compensation was agreed upon FIRST before you make the transfer. You can always return the money but you won't get your points back. Write up a contract spelling out everything you agree upon and have all parties sign it before proceeding with the transfer. HTH.

 

[js]

The terms are agreed upon by both parties. Renting and transferring points is not for everyone, there are risks.

Bill

Yes, thank you. I understand there are risks. The only way to begin to learn is by asking questions, at least for me

First if you are receiving the points you would want to confirm thru a 3 way call with MS that the points are actually there and eligible for transfer. Secondly, if you are the one transferring out you should get whatever compensation was agreed upon FIRST before you make the transfer. You can always return the money but you won't get your points back. Write up a contract spelling out everything you agree upon and have all parties sign it before proceeding with the transfer. HTH.

Thank you. I would be the one that would be transfering the points (thinking about putting them up on the rent/trade board). I have read the contract for selling points but what is the "norm" for those that have transferred from their account? Do they get full payment first? Do you first make sure you are dealing with someone that has been on the boards for quite some time and get referrences, if they have done in the past? I am seriously considering a transfer and renting over 900 points for my Disney Cruise next year, with being ahead over $2,500 if I do this. Just not sure if I want the headaches but have been reading and reading for about a full two weeks. Thank you.

 

[Slakk]

I transferred points and required payment first - if I did not come through then I was committing mail fraud which is a federal offense. I figure that is enough reason. Plus both sides are active on this board so I felt pretty comfortable.

We did the transaction via Pay Pal as well.

 

[js]

I transferred points and required payment first - if I did not come through then I was committing mail fraud which is a federal offense. I figure that is enough reason. Plus both sides are active on this board so I felt pretty comfortable.

We did the transaction via Pay Pal as well.

Thank you. Did you use a contract for this or was it just agreed upon by both of you? When the purchaser contacted you or vise versa, you informed them you would transfer X amount of points once you received payment from them via PayPal.
Once you saw the payment was complete, you went ahead and did the transfer. Did you have the other member on the phone with you when you contacted MS?
Thank you.

 

[BWV Dreamin]

You will need the member ID number of the person you are going to transfer points to. Get paid first (Pay Pal). Once funds are available to you (PayPal will let you know when the money is good), procede with the transfer. You could have a 3 way call while transferring the points so the other member can hear. Or they can just wait a few minutes after you have finished the transfer and they can call MS to verify the points are in their account. This is the fastest and easiest way to rent your points. Remember you only get one transfer in or out a year per membership.

Thank you. Did you use a contract for this or was it just agreed upon by both of you? When the purchaser contacted you or vise versa, you informed them you would transfer X amount of points once you received payment from them via PayPal.
Once you saw the payment was complete, you went ahead and did the transfer. Did you have the other member on the phone with you when you contacted MS?
Thank you.

 

[RobDoc]

You will not need the member ID.

You will just need the name and home town of the member to whom the points will be transferred. MS will look up their member number and warn you that this is an irreversible transaction.

Many have agreed on a 50% deposit before the transfer and immediate payment of the balance afterwards - offering some level of protection to both parties. But, as with any DVC point transaction, I'd suggest having a comfortable relationship with anyone before sending any money or transferring any points.