In an effort to cater to the increased desire for flexibility among timeshare owners, many resorts have evolved their models over time. This has led to the ability to bank timeshare weeks in order to exchange them for different weeks at other locations. If you desire greater control over your vacation options, this is a way to leverage the benefits of a timeshare to your advantage.
It’s important to understand that banking timeshare weeks can be a complicated process and the more savvy you are with the system, the more likely you are to get the vacation you want. Conversely, without putting in the upfront effort, you may find exchanging your timeshare week for your desired time and location to be an exercise in frustration.
When you bank your timeshare week, you’re essentially relinquishing your rights to your allotted week at your home resort for that specific year. In return, you’re able to exchange your time for a different week at another property managed by your resort or by the exchange company that handles the banking process. RCI and Interval International are the two largest timeshare exchange companies offering these programs.
Once you’ve banked your week for a specific year, the resort will place it on the market and make it available for other owners to claim once they’ve banked their week. This system allows owners to take advantage of a wider range of resort options and enjoy greater flexibility on the dates they travel. At the same time, it allows resorts to keep their units full throughout the year. In theory, banking is a win-win for everyone involved.
If you own a points club timeshare, banking works a little differently. In these programs, you purchase a set amount of points to be used towards your vacation each year. If you choose to bank your points for a specific year, you are essentially rolling them over to be used at a later date. This gives you the opportunity to “save up” for a more luxurious vacation that requires a larger number of points than you would have available in any given year.
During the timeshare sales presentation, the process of banking your timeshare week and exchanging it for a different location is described as a simple process. Nothing can be farther from the truth. Your ability to secure your desired resort and vacation time depends on a variety of factors:
For these reasons, many timeshare owners find that they’re unable to navigate the banking system in a way that allows them to secure their desired vacations. Currently, the average cost of a one-week timeshare interval is over $22,000. When you combine this upfront price with expensive maintenance fees that increase by 4% on average each year, it can be frustrating to find out that you’re unable to get the value you desire out of this prohibitively expensive vacation purchase.
If you’re tired of the hassles associated with banking and exchanging your timeshare week, you’re not alone. Each year, many families struggle to navigate the banking system effectively, and they ultimately find that they’re stuck settling for a vacation they don’t actually want. In the worst-case scenario, you may even find that you’ve spent a considerable amount of money on your timeshare fees and don’t go on a vacation at all.
You deserve to live life on your own terms, and this includes the ability to control the time, location and cost of your vacation. You work hard all year to enjoy these memorable experiences with your family, and they shouldn’t come at a financially crippling cost or become a source of frustration for you. Timeshare Termination Team can help you break free from the burdens associated with your timeshare.
We offer an exclusive You First Approach™ guaranteed to safely, legally and permanently get rid of your timeshare. All of our exit strategies are crafted by a team of attorneys and customized to address your specific needs and goals. With our unique approach, you can count on your priorities driving the process.
As part of our You First Approach™, you’ll receive the educational tools necessary to make an informed decision about your options. We accomplish this by providing you with:
You’ll also receive our Money-Back Exit Guarantee™. We promise to safely, legally and permanently cancel your timeshare or you’ll receive a full refund.
Please contact us today to schedule a free consultation. Start your journey toward living life on your terms once again.
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