Yes, that is the case, one RCI account and 1 fee, but 2 log-ins, at least with our account. When I am logged into one, I can not see what weeks/points are available in the other. Recently I had 2 weeks space banked at once (due to Covid) and when I logged into my points account I could not 'see' them. Only my unused points (2yrs worth at that time) showed. RCI extended our use time for both our week & points due to the Canada/US border being closed for so long. When it re-opened I did a pretty good job of using the points up with only 120 left over -not enough to pay to extend IMHO.
~Diane