Banking StarOptions [Important update 2/13/12!]

[Politico]

A couple posts in this thread have referenced a banking deadline of July 1st each use year. I did not see this deadline in the terms or FAQs. Is there a deadline to bank each yer or is it simply Dec. 31st of each use year?

Nevermind. Found the answer to my own question in the fine print of the terms and conditions. July 1 for non-elites and Oct 1. for 4* and 5*elites.

 

[KACTravels]

A couple posts in this thread have referenced a banking deadline of July 1st each use year. I did not see this deadline in the terms or FAQs. Is there a deadline to bank each yer or is it simply Dec. 31st of each use year?

From earlier post:
8) Banking can be requested as early as October 1 of the Use Year prior to the Use Year being banked and no later than July 1 of the Use Year being banked for all SVN Members. However, 3 and 4 Star Elite Members may request banking as late as October 1 of the Use Year being banked. 5 Star Elite Members may request banking as late as December 31 of the Use Year being banked.

 

[MON2REY]

Star Option Banking

Did everyone get this message from Starwood? All of us can now bank the options, not just the Elite.


The Starwood Vacation NetworkSM program is debuting a brand-new benefit in 2012: The ability to bank your unused StarOptions, for up to two years. When you're ready to take your next vacation, your Banked StarOptions will help get you there. Or, store those extra StarOptions for a special trip you're planning or an extra-long getaway.

There's no limit on how many StarOptions you can bank, and no annual restrictions on how often you can use this flexible choice to manage your ownership. You're free to bank as many StarOptions as you'd like, as many times as you need.

Sorry........totally missed the Sticky

As an added bonus, Four- and Five-Star Elite members may bank any remaining StarOptions from their 2011 Use Year right now.

 

[lorenmd]

i am going to the owners info session tomorrow. if anyone has any specific questions i would be happy to ask them and write down the answers so i don't get confused. and no i'm not an elite. that is why i am glad it is offered to all. i only wish i could bank this year. next year will most likely be the same, can't find a time to use my options but next year i can bank so i only have to worry about how to use this year. and no, i won't let them talk me into buying more to become an elite. i can't use what i have.

 

[saluki]

I am wondering if it will be possible make a reservation that requires banked Staroptions on the same phone call that I bank the options.

In other words, let's say that I have 81000 Staroptions & have not used them this year. Can I call Owner Services at the 8 month mark, check availability for a 148,100 SO reservation the following calendar year, make that reservation & then do the banking process? Or, will it be necessary to commit to banking the SO's in advance?

(I know that banking starts next year for non-elites, just using above scenario for an example)

 

[MON2REY]

Can the banked options be co-mingled with the regular options or must they be used separately? I don't quite understand the meaning of the following text from the Terms & Conditions:

"Reservations made using Banked StarOptions are based on availability of StarOptions banked by other SVN Members."

 

[pathways25]

Can the banked options be co-mingled with the regular options or must they be used separately? I don't quite understand the meaning of the following text from the Terms & Conditions:

"Reservations made using Banked StarOptions are based on availability of StarOptions banked by other SVN Members."

I called and asked that question. The answer is that banked and regular SO's are accounted for separately, but can be combined for reservations.

http://tugbbs.com/forums/showpost.php?p=1158581&postcount=59

 

[jarta]

"banked and regular SO's are accounted for separately, but can be combined for reservations."

I was just told the same thing by Elite Services. And, there will only be 1 reservation pool. Anything (week/room) that is available will be available for banked, unbanked or a combination of banked and unbanked use of StarOptions.

Rule 3 does not mean that banked StarOptions can only be used to reserve a week/room that is available because the associated StarOptions have themselves been banked. ... eom

 

[harzim]

Banking Staroptions

Am I the only one excited about this?? I own an odd EOY and so have been forced to use my week in the odd years whether I want to vacation then or not. I know, this is what I bought so I can't complain about it. However, my only option if I couldn't or didn't want to travel those years was to rent it out.

I am very happy about this new change. If I understand correctly how this will work, it gives us EOY owners a great option. Also, it will be great for others who won't lose unused Staroptions. I know Starwoods system isn't perfect, but I think this was a great change. What do you think??

 

[Captron]

harzim,

I too am excited about this new development.

Take a look at the "sticky" at the top of the page for an ongoing discussion. You bring up all good points and most of it has been discussed in the sticky.

I almost did a post just like yours last night and saw the sticky at the last minute before I hit send.

 

[solange]

staroptions banking

The link does not work yet, at least for me, so to clear on all details. I also thought it was good and that in theory (in theory) this could even positively impact availability at some popular resorts ( if owners choose that option instead of renting their weeks off for instance). It could also increase competition however if for instance the economy impacts behavior significantly for one given year and the next year, more people decide to go on vacations. Overall, without using sophisticated prediction....it will likely increase variation in availability in both directions but hopefully a little more in the right direction?

 

[pointsjunkie]

hopefully this will increase the value of mandatory resorts on the resale market. if you are selling make sure you put this new benefit in your advertisement.

 

[lmswan]

Am I the only one excited about this?? I own an odd EOY and so have been forced to use my week in the odd years whether I want to vacation then or not. I know, this is what I bought so I can't complain about it. However, my only option if I couldn't or didn't want to travel those years was to rent it out.

I am very happy about this new change. If I understand correctly how this will work, it gives us EOY owners a great option. Also, it will be great for others who won't lose unused Staroptions. I know Starwoods system isn't perfect, but I think this was a great change. What do you think??

I agree, it does give us EOY owners more flexibility. I'm surprised that we will be able to use the resorts in non-use years but am very happy about it! This gives us more incentive to increase our SOs by buying another week as well.

 

[PamMo]

Banking gives folks who own silver season and/or VOIs at the less expensive resorts a chance to skip a year to accumulate sufficient points to book platinum season and/or more bedrooms in the resorts that they couldn't get in before. So, I can see that in a few years there will be even more demand for places like WSJ, HRA, and Hawaii and even more II deposits for the less expensive resorts.

I think you're right. This will definitely change the flow pattern of trading within the Starwood system. If owners can bank/combine years of StarOptions, there will be even more demand for WSJ, HRA, and Hawaii - with no increase in supply. I'm wondering if we've seen the last of bulk banking for those prime properties? That would definitely lower the value of non-mandatory resales that have been touted for great up-trades in II with the Starwood priority.

 

[lorenmd]

I just returned from an owner info meeting and they said they are still going to bulk deposit and svn would feed it until it was fully banked in a couple years. They did offer us a decent deal which we are running the numbers on but basically they may retro both our one bedrooms at sdo if we buy a 2 bedroom eoy at north and a bunch of starpoint incentives because with this new banking option the push is to get to 3 star elite

 

[BradC]

I'm curious if anyone else has done this calculation yet: What's the minimum number of StarOptions that makes sense to bank, given the $99 (or less) fee?

 

[Ken555]

I just returned from an owner info meeting and they said they are still going to bulk deposit and svn would feed it until it was fully banked in a couple years. They did offer us a decent deal which we are running the numbers on but basically they may retro both our one bedrooms at sdo if we buy a 2 bedroom eoy at north and a bunch of starpoint incentives because with this new banking option the push is to get to 3 star elite

Why? The only benefit I see for 3* Elite is to save $20 each year you bank the options. What am I missing?

 

[pathways25]

Why? The only benefit I see for 3* Elite is to save $20 each year you bank the options. What am I missing?

3* also gets until Oct. 1 to bank.

 

[duke]

Banking saves SVO money

One reason SVO is doing this is so they don't have to pay SPG for StarPoints.

Banked StarOptions cost SVO nothing.

So, if an Owner chooses to bank his StarOptions instead of converting to StarPoints ..... SVO saves the cost of buying the StarPoints from SPG.

 

[Ken555]

3* also gets until Oct. 1 to bank.

Anything else? I am hard pressed to understand how a later conversion date and a $20 savings justifies thousands of $$$ to become elite. Of course, in Loren's specific case, Loren owns at SDO so currently doesn't have SOs for that ownership.

 

[mariawolf]

I guess I will be contacting Starwood==I own week 52 at Harborside and was not aware of this week 53==I find it hard to believe however.

 

[thomasro3]

I hope it won't put too big of a dent in programs like Make a Wish, which currently gets some unused StarOptions.

Having said that, I will welcome the ability to bank the options. There are times it would be nice to have an extra room or two for the rest of the family to tag along.

Hopefully not. There is a cost associated with banking, so for a nights worth of points or leftover odd number of points people will still donate. Hopefully people still donate in general but the benefit may lower the amount of large point donations though. Or perhaps you may just have two year lag as a result of the expiration date of banked points?

-Thomas

 

[DavidnRobin]

I guess I will be contacting Starwood==I own week 52 at Harborside and was not aware of this week 53==I find it hard to believe however.

Do not assume that since it was stated here - it is a fact. Check your CCRs (Owners Manual).

 

[harzim]

Captron, Duh-missed the sticky. Thanks.

QUOTE=Captron;1159121]harzim,

I too am excited about this new development.

Take a look at the "sticky" at the top of the page for an ongoing discussion. You bring up all good points and most of it has been discussed in the sticky.

I almost did a post just like yours last night and saw the sticky at the last minute before I hit send.[/QUOTE]

 

[undrpar64]

Week 51 becomes 52 and 52 becomes 53

I am an owner at wkorv and N with fixed weeks 51 and 52. A week 51 owner is guaranteed Xmas day as part of a week 51 stay. Depending on your fixed check in day this can result in you moving to week 52 to make this happen. How do I know? Because it happened to me when I booked flights for week 51 arrival and and a week 52 departure. When I called to add a one night room(Saturday check in/out on week 51, Sunday check in/out on week 52, the rep caught my mistake because of my reservation day to tie the two together. Since Xmas on the Saturday check in started in week 52 both weeks were moved one week forward.
In my thinking *wood gained a week before the fixed weeks and not week 53.