# How do I "bank my week?"



## kgdnelly (Jan 29, 2009)

Hi,
Just paid the maintenance fees (yay.)  My wife and I are looking to sell it, but I think I should bank it ahead of time.  I've never banked before.  How do I do it and what does it mean?

Thanks,
Kevin


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## london (Jan 29, 2009)

*Bank Week*

Are you a member of RCI or II. 

Who do plan to bank the week with?


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## AwayWeGo (Jan 29, 2009)

*Couldn't Be Easier.*




kgdnelly said:


> I've never banked before.  How do I do it and what does it mean?


You call up I-I or RCI as the case may be & tell'm you want to bank your week.  Then -- _WHAM *!*_ -- your timeshare week is banked. 

If you don't belong to I-I or RCI, then before you can bank your timeshare you have to join up -- for a fee. 

Once your week is banked, then you use it as trade bait for an exchange reservation into somebody else's timeshare -- also for a fee, naturally. 

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​


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## DeniseM (Jan 29, 2009)

Just to be sure we are on the same page, "banking your week," means depositing it with an exchange company.  If you are trying to sell your TS, I wouldn't bank it, because the new owner may want to use the 2009 week, and they won't be able to if you have deposited it.  Instead, I'd reserve a popular week.

If you are talking about renting one week, most of the exchange companies do not allow you to rent exchange weeks.  See the list at the top of the Exchanging Board.

For detailed info. about exchanging see the II FAQ at the top of the Exchanging Board.


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## FlyerBobcat (Jan 29, 2009)

DeniseM said:


> Jst to be sure we are on the same page, "banking your week," means depositing it with an exchange company.  If you are trying to sell your TS, I wouldn't bank it, because the new owner may want to use the 2009 week, and they won't be able to if you have deposited it.  Instead, I'd reserve a popular week.



Denise / others,
Let's expand that a little...  Since the OP (Kevin) paid the 2009 MFs, it seems as if banking the week will allow him to use that week he paid for.  And if he sells the unit, and feels the buyers "deserve$" the week -- he could get a Guest Certificate for the owner to use that week.

Would that be a workable scenario?


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## theo (Jan 30, 2009)

*I don't think so...*



flyerbobcat said:


> Since the OP (Kevin) paid the 2009 MFs, it seems as if banking the week will allow him to use that week he paid for.  And if he sells the unit, and feels the buyers "deserve$" the week -- he could get a Guest Certificate for the owner to use that week.
> 
> Would that be a workable scenario?



No. With due respect, it seems that you (and /or the OP) may be confusing "*reserving*" a week with "*banking*" a week.

Spacebanking the 2009 week with an exchange company essentially makes that week unavailable for *either* the seller or any prospective buyer to use in 2009 (at that same resort anyhow, barring a remarkable stroke of good luck). When it comes to exchange companies, "good luck" is often more of a concept than an actual reality. Reserving a popular week would make a lot more sense, since either current or future owner could either use it or rent it out (or the new owner _might_ choose to "bank" it after purchase, although unlikely). Current owner "banking" the 2009 week would be a mistake, diminishing both the value and the marketability of the week. 

If the week is being offered for sale, "banking" the 2009 week would be unwise and most certainly not a "plus". As a buyer, I'd personally want some input into the 2009 use / reservation, even if it meant reimbursing the seller for mf's paid for 2009. A spacebanked week on the other hand, for which neither the current nor the future owner might ever get an acceptable "exchange", would be of little or no value, use or interest to me, personally --- and would be a deal breaker.


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## FlyerBobcat (Jan 30, 2009)

_Thanks for the information and follow-up. _
One more question:

Let's say you sell your unit in January '09 (no longer own any TS) but you had already reserved your week for Nov '09.  Any issues with using that week since you are no longer an owner?  (I suspect not, based on your previous info... but just confirming)
Thanks


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## theo (Jan 30, 2009)

flyerbobcat said:


> Let's say you sell your unit in January '09 (no longer own any TS) but you had already reserved your week for Nov '09.  Any issues with using that week since you are no longer an owner?



The 2009 usage would depend entirely upon the specific terms of sale agreement arranged between the buyer and the seller. Despite the seller having paid the 2009 mf prior to sale, once a new deed gets recorded with county records in a new name, that previous owner really no longer has any lawful access to that reserved week (despite having already paid the 2009 fees). The new owner might choose to reimburse the seller for the 2009 mf (if that reserved week is one of any interest to the new owner for either new owner use or rental). Then again, in this sorry economy and buyer's market, if the reserved 2009 week is not of any use or interest to the new owner for the new owner's use or attempted rental, it could very well be agreed that the new owners do not reimburse the seller for the 2009 mf already paid, but new owners still get the already-reserved 2009 week anyhow. Those 2009 details should be arranged and understood between buyer and seller. Just how much "give and take" would occur would depend upon how badly the seller wants to sell and how strongly the buyer wants to buy...


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## FlyerBobcat (Jan 30, 2009)

Very interesting... Thanks.  As you said, it seems it essential to nail all that down in the sales agreement.

I wonder what happens to the name on an existing reservation (in the seller's name) after the sale ----- *if neither the seller or buyer takes NO action to alter the reservation after the sale....* 

I've seen several recent ebay auctions (annual units) that state MFs and usage start in 2010.  Maybe that started my confusion.   Thanks again.  



theo said:


> That would depend entirely upon the specific terms of sale agreement arranged between the buyer and the seller. Despite the seller having paid the 2009 mf prior to sale, once a new deed gets recorded with county records in a new name, that previous owner really no longer has any lawful access to that reserved week. The new owner might well choose to reimburse the seller for the 2009 mf (if that reserved week is one of any interest to the new owner for either new owner use or rental). Then again, in this sorry economy and buyer's market, if the reserved 2009 week is not of any use or interest to the new owner for new owner use or rental, it could very well be agreed that the new owners do not choose to reimburse the seller for the 2009 mf already paid, but new owners would still get the already-reserved 2009 week anyhow. Again, those details should be clearly arranged between the buyer and the seller. Just how much "give and take" would occur would depend upon how badly the seller wants to sell and how strongly the buyer wants to buy...


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## Timeshare Von (Jan 30, 2009)

There is no "reservation" unless an exchange is paid for and confirmed.  Once that happens, it belongs to the original owner and to "transfer it" to someone else will require a g/c.

If you bank a week and end up selling the timeshare, you can keep the week if that is how you cut the sale . . . making it effective with 2010's use as an example.

If you want to give it to your buyer either for free or for paying the 2009 MF's you can do that and at the time that you sell your timeshare, there will be paperwork with RCI that can accomplish moving the week from your spacebank account to your buyer's, assuming they have an RCI account.

If you have no other TS ownership and no need for RCI, you can also give your buyer whatever balance you have on your membership . . . or you can request a refund of the unused portion of your RCI membership (through the expiration date).  You can also just pass on the unused portion of your membership to your buyer.

I have had all of these things happen over the years of acquiring/buying timeshares via resale.


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## theo (Jan 31, 2009)

*Huh?*



Timeshare Von said:


> There is no "reservation" unless an exchange is paid for and confirmed.



I have no idea at all what you mean by this statement. 

If the OP owns a float week (a detail not actually specified in the OP post), then there *is* indeed a "reservation" when the OP reserves a specific week for 2009. Whether or not that "reserved" 2009 week  subsequently gets spacebanked prior to sale is an entirely separate and distinct matter.

OP hasn't been back to elaborate, but it was (and it still remains) my own belief that he may simply have confused "reserving" with "banking".


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## AwayWeGo (Jan 31, 2009)

*Plausible Assumption.*




theo said:


> OP hasn't been back to elaborate, but it was (and it still remains) my own belief that he may simply have confused "reserving" with "banking".


Could be. 

After all, the terminology of timesharing takes some getting used to -- the lingo is not exactly straightforward in all instances. 

So it goes. 

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​


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## Timeshare Von (Jan 31, 2009)

theo said:


> I have no idea at all what you mean by this statement.
> 
> If the OP owns a float week (a detail not actually specified in the OP post), then there *is* indeed a "reservation" when the OP reserves a specific week for 2009. Whether or not that "reserved" 2009 week  subsequently gets spacebanked prior to sale is an entirely separate and distinct matter.
> 
> OP hasn't been back to elaborate, but it was (and it still remains) my own belief that he may simply have confused "reserving" with "banking".




The original poster did talk about banking, not reservations.

It was later that someone else  (FlyerBobCat) mentioned the reservations aspect of this.   He mentioned banking the week, and subsequently asked about what would happen to the "reservation" after the sale.

If a reservation is made with the resort by the original owner, and then banked with an exchange company, the exchange company OWNS the week that had been reserved.  There is "no reservation" that the original owner, owns.  If the timeshare is subsequently sold, the original owner would still own the banked week with the exchange company.  (Again, the "reservation" is now a banked week.)  If the exchange was made for another timeshare stay, a NEW reservation (so to speak) would now exist for the original owner.  For THAT reservation (the week acquired via the exchange of the originally deposited week of ownership), a guest certificate would be needed.

That was the scenario I was trying to talk about.  In the absence of an exchange, if the week had been banked, there is no "reservation" of concern to the original owner . . . or the buyer . . . only the matter of a space banked week.

Does that clarify?


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## Timeshare Von (Jan 31, 2009)

theo said:


> OP hasn't been back to elaborate, but it was (and it still remains) my own belief that he may simply have confused "reserving" with "banking".




And I don't think the confusion was with the original poster, but instead, it was interjected by the FlyerBobCat question.  (Nothing of malice here, just stating how the thread got astray.)  And I contributed to it, by discussing the "reservation" in FlyBob's scenario as a banked week, since I believe that was the original context of this thread . . . should the week be banked and what happens to it, if it is banked.


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## theo (Feb 1, 2009)

*Clarifying the clarifications...*



Timeshare Von said:


> And I don't think the confusion was with the original poster, but instead, it was interjected by the FlyerBobCat question.  (Nothing of malice here, just stating how the thread got astray.)  And I contributed to it, by discussing the "reservation" in FlyBob's scenario as a banked week, since I believe that was the original context of this thread . . . should the week be banked and what happens to it, if it is banked.



No harm and no foul. A discussion was generated in which information was put forth, certainly at least answering the OP's (intended or perceived) question in clear detail --- and probably a few other questions besides...


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