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.I've never banked before. How do I do it and what does it mean?
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.
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?
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?
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...
There is no "reservation" unless an exchange is paid for and confirmed.
Could be.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".
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".
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.