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March 7, 2008, Newsletter Issue #88: Timeshare Banking
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Tip of the Week
Explain “banking” to your buyer by answering that if they did not plan to use the specific week that they owned or if they wanted to exchange the timeshare for something elsewhere, they can “bank” it with the resort's exchange company. Usually you will have a couple of years for a “banked” property in which to request an exchange against it. Make sure the owners understand that if they “bank” their property, the exchange company has the right to book someone into that spot. “Banking” can lead to major misunderstanding between sellers and buyers in a resale because it is sometime misconstrued that the “banked” week is still available when actually a successful exchange must be confirmed before they are able to use the week.
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