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

[DeniseM]

See post #52 for the FAQ (I moved your post to the Banking Staroptions thread.)

 

[DavidnRobin]

As discussed - but as a reminder...

Starting on Feb 21 (2012) - Owners that have StarOptions (purchased from SVO, Resale Mandatory resorts, Requaled Voluntary resorts) can begin to bank StarOptions.

The SOs can be banked for 2 years, and must be done 60 days before reservation date. Usage of banked StarOptions must be done in the SVN Exchange window (8 months) - as always.

As a 3* - we can bank SOs up to October 1 (for a given year) at a cost of $79 per transaction.

This adds value to resale Mandatory resorts (and requaled resorts) and certainly adds more flexibility - for example I can now bank our 2 weeks at WSJ in June if I can't rent them out (been tough so far...) - as long as I do it by 60 days before our June reservation.

It will be interesting (in the long run) if this has consequences for SVN exchanges for popular resorts (harder exchanges?) - and may push down to availability for II exchangers and even SPG renters (?).

 

[DeniseM]

The SOs can be banked for 2 years, and must be done 60 days before reservation date.

Are you talking about fixed weeks? Because Pathways has a post somewhere here that says that restricted Staroptions become unrestricted if you roll them over, which seems to conflict with having to bank 60 days before the check in date.

 

[DeniseM]

This is the post I referenced:

I called Owner Services with some additional questions that weren't covered in the terms and conditions or the FAQ:


Can banked and regular SO's be combined?

Banked and regular SO's are accounted for separately, but can be combined.


Can restricted SO's be banked?

Yes. Restricted SO's that are banked will become unrestricted in the bank. A reservation that uses banked SO's that is canceled within 60 days of arrival will cause the banked SO's to become restricted in the bank.


Can SO's that are banked be "borrowed" back into the current use year?

No. Once banked, SO's cannot be returned to the original use year.


For 2011 usage, 5*'s have until 12/31 and 4*'s have until 10/1 to bank their SO's.

Let's say I have a Resv. and I cancel it the day before check-in - the SO's become restricted. Then in Oct. I roll them over to 2013 - boom - they are now unrestricted. So why do you need to bank them 60 days before check-in?

 

[grgs]

Let's say I have a Resv. and I cancel it the day before check-in - the SO's become restricted. Then in Oct. I roll them over to 2013 - boom - they are now unrestricted. So why do you need to bank them 60 days before check-in?

I think maybe they've changed the policy. I found this in MSC in the Reservations Cancellation Policy:

Reservation cancellations sixty (60) days or less prior to the confirmed arrival date will be able to make reservations during that Use Year, but only to reserve arrival dates that are available within sixty (60) days of the date the reservation is made. Such reservation cancellations will not be eligible for StarOptions Banking or to be converted into Starpoints for that Use Year.

Glorian

 

[DeniseM]

I think maybe they've changed the policy. I found this in MSC in the Reservations Cancellation Policy:

Reservation cancellations sixty (60) days or less prior to the confirmed arrival date will be able to make reservations during that Use Year, but only to reserve arrival dates that are available within sixty (60) days of the date the reservation is made. Such reservation cancellations will not be eligible for StarOptions Banking or to be converted into Starpoints for that Use Year.

Glorian

That is a BIG change! I'm glad Dave brought it to our attention!

 

[pathways25]

That is a BIG change! I'm glad Dave brought it to our attention!

Wow, that is a change as I was able to bank restricted SO's in 2011. That's too bad!

 

[DavidnRobin]

Sorry - I missed it - what are restricted SOs? (define...)

 

[jarta]

David,

StarOptions are returned to your account if you cancel a reservation within 60 days of check-in. However, when returned to your account, the StarOptions are restricted to use for a reservation made within 60 days from check-in.

If the restricted StarOptions are banked, the restriction is removed. The banked StarOptions can be used for anything the StarOptions could have been used for before.

If a reservation is made with banked StarOptions and is later canceled within 60 days of check-in, the banked StarOptions become similarly restricted again.

Once StarOptions are banked, Starwood keeps separate accounts for banked and unbanked StarOptions. I think it is a good idea to use the banked ones first. ... eom

 

[DeniseM]

If the restricted StarOptions are banked, the restriction is removed. The banked StarOptions can be used for anything the StarOptions could have been used for before.

This is no longer true - see post #155 - this change is what we are discussing in the last few posts.

(That was the policy last year, but they've changed it.)

 

[patsim2000]

Banking StarOptions

Good Friday all,

What is the deadline to bank StarOptions and the cost for no star normal people. With the new rules, I checked but I did not find them. I bought resale at a mandatory resort (SVV).

Thanks

 

[DeniseM]

I think it's July 1 if you aren't Elite?

 

[C30NY]

and $99 to bank them

 

[DeniseM]

I think it was $99 last year, and the price has gone up?

 

[C30NY]

Its still $99 according to MSC but here it is from their site:

How much does it cost to bank StarOptions?

Five-Star Elite Owners: No charge.
Three-Star and Four-Star Elite Owners: $79
All other Owners: $99



What is the deadline to request StarOptions Banking?


Starwood Vacation Network members can request StarOptions Banking no later than July 1. Three-Star and Four-Star Elite members may request through October 1, and Five-Star may request through December 31. Four and Five-Star elite members will have may bank any remaining 2011 StarOptions, Three-Star Elite and all other Starwood Vacation Network members can begin banking 2012 StarOptions in early 2012.

 

[DeniseM]

Thank you - I don't know where I got the idea that it was higher.

 

[DavidnRobin]

SO banking begins Feb21 for us normal folk.

 

[travelwizard1971]

I'm thinking about buying A Starwood timeshare and while doing some homework, I've found the Points do not transfer on a resale except for the Mandatory Starwood resorts.
Does anyone know where a non owner can find a list of the mandatory resorts that the points will transfer? And can anyone verify my homework is correct? Thanks to Everyone! I just became a member of TUG and truly appreciate any input!

 

[DeniseM]

I'm thinking about buying A Starwood timeshare and while doing some homework, I've found the Points do not transfer on a resale except for the Mandatory Starwood resorts.
Does anyone know where a non owner can find a list of the mandatory resorts that the points will transfer? And can anyone verify my homework is correct? Thanks to Everyone! I just became a member of TUG and truly appreciate any input!

That is correct.

There is a wealth of info. in the stickies at the top of the forum - including that list. Start with the Starwood FAQ (the list is there.)

Welcome to TUG!

 

[DavidnRobin]

Make sure you do not confuse Staroption points (SO = SVO TS usage) with SPG starpoints (SP = SPG hotel usage).

 

[travelbuff]

Banking Options

Update - See post #43 for the announcement and post #52 for the terms and conditions, and post #59 for more info. DeniseM

---------------------------------------------------------------------------------------------------------------

I was just on the phone with Owner Services and apparently 4* and 5* elite members will soon be given the option of banking SO's. The agent wouldn't give me any details but the new perk is to be announced next Monday (8/15).

I guess we'll soon be able to bank SO's into the next use year!

I jsut banked my Options, the charge was $99, I don't think we are elite anything. By now you should know what the choices/charges are.

 

[DeniseM]

I jsut banked my Options, the charge was $99, I don't think we are elite anything. By now you should know what the choices/charges are.

We do - the original post was from Aug. 2011...

 

[jarta]

"We do - the original post was from Aug. 2011"

I think the poster was more concerned about bad information contained in the first/initial post. Perhaps a little note (maybe near the top of the first/initial post in the sticky on Banking StarOptions) which explains what happened much deeper in the thread that differs from how things started out?

It's a sticky - but it's not really - it's just an active thread and must be read from start to end to find the changes that make up the current procedure and fees. Stickys, IMO, should be 1-post pages that can be maintained, from time to time, by TUG.

But, I guess it's easier to maintain (not maintain?) by letting the discussion continue and the thread grow longer. Salty

 

[NerdAlert]

Just learned something interesting about banking SO (elite vs. non-elite)

We just learned something interesting about banking SO that we think tuggers should know about. The fees for banking and the deadlines are NOT dictated by the owner's elite status. They are dictated by the elite status of the weeks you are trying to bank. For example, for a 4*, you only get the 4* rate and deadline when you try to bank the options on the weeks that were used to get your elite level. Any other options on weeks outside of elite must obey the higher fees and the July 1 deadline. We are 3* and thought we had until October to bank options for any of our weeks. Not true said a rep after checking with his manager.
Just a cautionary note for those elites who have some extra (non-elite) weeks they want to bank. Banking SO still a great feature, but just be aware of this rule.
We scanned through whole sticky and saw no reference to this, so sorry if it was already addressed.

 

[jarta]

We just learned something interesting about banking SO that we think tuggers should know about. The fees for banking and the deadlines are NOT dictated by the owner's elite status. They are dictated by the elite status of the weeks you are trying to bank. For example, for a 4*, you only get the 4* rate and deadline when you try to bank the options on the weeks that were used to get your elite level. Any other options on weeks outside of elite must obey the higher fees and the July 1 deadline. We are 3* and thought we had until October to bank options for any of our weeks. Not true said a rep after checking with his manager.
Just a cautionary note for those elites who have some extra (non-elite) weeks they want to bank. Banking SO still a great feature, but just be aware of this rule.
We scanned through whole sticky and saw no reference to this, so sorry if it was already addressed.

Nerd, ... It's a matter (merely) of semantics. Weeks don't have Elite status. Developer purchases and retroed weeks have their StarOptions count toward Elite status. If you are 3* Elite and own 4 Starwood weeks (3 of which count toward Elite status and one that doesn't), the one that doesn't cannot be banked or converted to Starpoints later or as cheaply in the year because of your Elite status.

That's why, if possible and it fits your vacation schedule, the first home resort reservations made each year or the first StarOption reservations made at 8 months> each year should be made with the StarOption values from weeks which were not developer purchases and which were not retroed. In that way, the StarOptions which can be banked and converted to Starpoints and used for reservations can be saved until a decision on what to do is made later in the year. Planning things early also helps. Salty