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

[LisaRex]

(Let's be candid about what's going on here. The TUG Gospel has been not to own weeks that are in the SVN because II trading provides the greater advantages. IMO, there are still valid reasons to buy resale voluntary resorts and keep them out of SVN. However, banking of StarOptions could affect bulk banking in II by Starwood and decrease the II advantages.) ... eom

The "Tug Gospel" is fluid and based on the current rules. The rules have changed. Ergo, the Tug Gospel will probably change as well, based on Tugger's feedback.

FTR, I agree with what you say about II ownership possibly being diminished if bulk bankings are reduced, however I think it'll take a few years before we'll get data to support/refute that position.

I'd also opine that in a few years, competition among SVN owners will be even more fierce for the top tier resorts, because low season owners and owners at less expensive resorts can now accumulate sufficient points over a few years to snag up 2 bdrms/higher seasons that wasn't possible prior to the rules change. So, it appears that 148,100+ owners may no longer enjoy the distinct advantage that they used to.

 

[DeniseM]

I think the new Staroption feature is fantastic, and I've already said so.

Kudos to Starwood for the best new feature in years!

That doesn't mean we aren't going to dissect it to death - that's what we do here!

 

[Ken555]

I'd also opine that in a few years, competition among SVN owners will be even more fierce for the top tier resorts, because low season owners and owners at less expensive resorts can now accumulate sufficient points over a few years to snag up 2 bdrms/higher seasons that wasn't possible prior to the rules change. So, it appears that 148,100+ owners may no longer enjoy the distinct advantage that they used to.

Can we now bank for more than a year? Could we bank 2012 to 2013, then all of those options along with those in 2013 to 2014? Would that be one fee in 2013 or two? If true, then this would mean 3x SOs usability in one year.

So far, I think the banking rules are great, but I haven't used it yet. It's surprisingly sensible, given SVNs history. I'm even considering banking my 148k week in 2012 and scheduling a long trip abroad next year instead, then using the options in 2013.

 

[YYJMSP]

Can we now bank for more than a year? Could we bank 2012 to 2013, then all of those options along with those in 2013 to 2014? Would that be one fee in 2013 or two? If true, then this would mean 3x SOs usability in one year.

So far, I think the banking rules are great, but I haven't used it yet. It's surprisingly sensible, given SVNs history. I'm even considering banking my 148k week in 2012 and scheduling a long trip abroad next year instead, then using the options in 2013.

From the banking FAQ:

Do Banked StarOptions expire?
Yes. Banked StarOptions are available for travel to any of the 20 Starwood Vacation Network resorts through December 31 of the second year beyond the Use Year banked. So, if you bank 2012 StarOptions, you can use them 2013 and/or 2014. After that, they are forfeited.​

So if you bank your 2012, and then bank your 2013, you should have 3x SOs to use in 2014.

I would assume you would pay the banking fee, if applicable, in 2012 and 2013 when you did the actual banking.

From the banking T&C:

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.​

 

[DavidnRobin]

(Let's be candid about what's going on here. The TUG Gospel has been not to own weeks that are in the SVN because II trading provides the greater advantages. IMO, there are still valid reasons to buy resale voluntary resorts and keep them out of SVN. However, banking of StarOptions could affect bulk banking in II by Starwood and decrease the II advantages.) ... eom

what??? - there is a TUG Gospel!!! where is that stickie?
I am obviously not following this Gospel since I bought SVN weeks... where-o-where did I go wrong?

the only gospel I have heard here is: Rescind, Research, Resale

j-man - you crack me up...

 

[LisaRex]

the only gospel I have heard here is: Rescind, Research, Resale.

Halleluiah!

 

[Tfleming675]

I think the new Staroption feature is fantastic, and I've already said so.

Kudos to Starwood for the best new feature in years!

That doesn't mean we aren't going to dissect it to death - that's what we do here!

I agree. For me banking was the feature that us over the edge and are now SVN members. Good work Starwood.

 

[jarta]

This information about banking StarOptions seems too good to to be true --- but here's what I was told when I wiggled around some reservations this morning.

If you cancel a StarOption reservation within 60 days until 1 day from scheduled arrival, the StarOptions are returned to your account, upon the payment of a $29 cancellation fee, but the use of the StarOptions is restricted to use in making a reservation during the same use year within 60 days from arrival.

HOWEVER, if the restricted StarOptions are banked, the restriction is lifted and the banked StarOptions can be used for any type of reservation until they lapse.

I was also told if the banked StarOptions are used for a reservation that is canceled within 60 days of arrival, the restriction on use comes back and will be present whenever the banked StarOptions are used. ... eom

 

[squeeze]

Hey all,

I'm new here, but not a new TS owner. We've had ours for about 7 years, but have not maximized our ownership at all.:ignore:

I been working on educating myself much more about its use in the past couple of years.

So, this is a great place.

On this new option of banking SO, I'm not real fond of the fee that will be charged to bank. I think we have enough fees in the MF from year to year.

I am considering converting our SO to SP in 2012, but I don't like the fact there's a fee there either.:ignore:

I know all these fee's are how they make their money, it's just frustrating.

 

[LisaRex]

Hey all,

I'm new here, but not a new TS owner. We've had ours for about 7 years, but have not maximized our ownership at all.:ignore:

Welcome aboard!

 

[jarta]

To avoid any additional Starwood fees, I recommend using your StarOptions by making StarOption reservations or II deposits in the use year.

Reading the posts on TUG will show/teach you how to maximize future use of your timeshare(s) with the least possible effort and expense. ... eom

 

[PaddyMac]

8-12 months out

I don't even think it was mentioned in the last few pages, with all the discussion about how inventory will be effected and OMG the sky is falling I won't be able to get the week I want because of option rollover.

Resort owners STILL get 1st preference for 4 months before the rest of us even get a chance to book. Yes owners will need to plan a little more.

For my family, we can plan 8-12 months in advance.

Top weeks, xmas etc, probably won't be effected as they are all already gone in the blink anyways. Prime travelling seasons, will probably be somewhat effected, but only at the 8 month mark when they open to the SVN. Off-season at top destinations will be effected as well, because option rollover will be beneficial to EOY and 1 week owners.

 

[Captron]

Banking more than one units worth.....

I am sorry if I missed this somewhere.....

If I decide to bank my SO can I bank MORE than one units worth of SO under the one fee within the same transaction? (ie. can I bank/rollover my options from my 2012 SVR and SBP weeks by paying one fee - when the time frame is right and the planets align of course.)

Thanks
Ron

 

[YYJMSP]

I am sorry if I missed this somewhere.....

If I decide to bank my SO can I bank MORE than one units worth of SO under the one fee within the same transaction? (ie. can I bank/rollover my options from my 2012 SVR and SBP weeks by paying one fee - when the time frame is right and the planets align of course.)

Thanks
Ron

I believe you can bank whatever SOs as you want in a single transaction...

There's no limit on how many StarOptions you can bank, and no annual restrictions on how often you can use this benefit to make the most of your ownership. You're free to bank as many StarOptions as you'd like, as many times as you need.

 

[Captron]

Thank you!

 

[stevens397]

This is good news for me. We have reservations in April at Kierland (home resort) and just found out our youngest child and his wife are expecting and due to deliver mid April. Obviously, that trip is out and we have no time to reschedule. Have plenty of Starwood points but probably would have turned it over for the points rather than giving it to II. This new option is great for me.

 

[Lennyk325]

Can you roll banked staroptions to starpoints?

 

[jarta]

Lenny, ... "Can you roll banked staroptions to starpoints?"

Good question. I think not. But, I haven't asked yet.

I have many StarOptions to dispose of. I intend to use the 2011 StarOptions I banked to make my first 2012 SVN (8 month) reservations.

I intend to convert my 2012 StarOptions if I decide to convert anything to SPG Starpoints. To me, it doesn't matter much. If you only have one annual SVN week or one EOY week, the answer to your question might matter more to you. ... eom

 

[DeniseM]

Can you roll banked staroptions to starpoints?

I don't know, but there is an entire thread devoted to banking Staroptions at the top of the Starwood forum.

[CORRECTION - Sorry Lenny - I did not notice that this was the very same thread I referenced. I probably won't ever use this option, so I honestly didn't know the answer to your question, but you will find the answer - and all the terms and conditions - in post #52. Welcome to TUG! ]

 

[jarta]

This is the thread/sticky at the top of the Starwood Forum home page.

There was no answer here, so Lenny asked the question.

I had a vague recollection of something on mystarcentral. Now, I've found it in the FAQ on mystarcentral and can definitely state that converting banked StarOptions to SPG Starpoints can't be done:

"Can I assign Banked StarOptions to Interval International or convert them to Starpoints?

No. Banked StarOptions can only be used to vacation at a Starwood Vacation Network resort within two years of banking them. You can make a reservation up to eight months before your desired travel date."

Now the answer is in the thread/sticky. ... eom

 

[Lennyk325]

Thank you for your replys and im sorry it this wasnt the place to post that. Im new to the board and to time shares. I did see that in the book too, that you cant roll them. I did read all the matrial that they gave me and it seems that banked staroptions ressies will go after the ppl usinf the staroptions from that use year, is this correct? If so i think that will solve the banking issue with the prefered locations.

 

[LisaRex]

Banked StarOptions will not be treated any differently than regular StarOptions. Beginning at 8 months out, anyone with StarOptions will have the opportunity to exchange into any SVN-participating resort, subject to availability.

Those last 3 words are key. Many people think that exchanging into Harborside or St. John are as easy as a phone call. Many times there is no availability at these two resorts. Prime ski weeks are the same. And it's possible that these exchanges will become even more difficult once more people start banking.

 

[DeniseM]

Thank you for your replys and im sorry it this wasnt the place to post that. Im new to the board and to time shares. I did see that in the book too, that you cant roll them. I did read all the matrial that they gave me and it seems that banked staroptions ressies will go after the ppl usinf the staroptions from that use year, is this correct? If so i think that will solve the banking issue with the prefered locations.

Lenny - You posted in the right place - the error was mine.

 

[DeniseM]

Thank you for your replys and im sorry it this wasnt the place to post that. Im new to the board and to time shares. I did see that in the book too, that you cant roll them. I did read all the matrial that they gave me and it seems that banked staroptions ressies will go after the ppl usinf the staroptions from that use year, is this correct? If so i think that will solve the banking issue with the prefered locations.

I think this is what you read:

From 12 - 8 mos. out from check-in, owners can reserve their home resorts - only.

At 8 - 0 mos. out from check-in, owners can use Staroptions to make reservations at other resorts.

So the difference is the owner's priority period - not the fact that they are rolled over Staroptions.

 

[mandoggy]

Fee for banking Staroptions

I found it. Post 52 thanks.