Banking
The term Banking refers to the depositing of timeshare weeks within one of the space banks of either exchange companies Resort Condominiums International (RCI) or Interval International (II). There are some very good independent exchange companies apart from the two above, which are alternative options if you wish. A week of timeshare is banked with an Exchange Company when an owner is unable to use it for any given year, or if they would like to vacation or holiday at an alternative destination within that exchange companies network. The week is held within the companies space bank until the owner wishes to use it within the exchange companies terms and conditions.
The banking of a timeshare week is extremely useful when an owner is unable to utilise the timeshare week for any given year, or is planning an extended stay the year after, for example; if they are planning a long haul journey to a destination where they will need an extended stay of than one week. Once a timeshare week has been Banked with an exchange network, it is important for the owner to know that they have passed the usage and rights for that given year to the exchange network. Someone will be allocated your timeshare week through the exchange network and the week will no longer be available for usage for that given year. See Accrued Timeshare Weeks .
When an owner of a point based exchange program, banking is very similar. Its the accruing of points within your membership for use at a later date. The rules for use are very similar as for weeks, and the points can be accrued for use within the exchange companies extensive portfolio. Banking points within an exchange company is an excellent way to save up for that extra special vacation for an anniversary or birthday.
Go back to Timeshare Glossary of Terms
