Paying dues monthly?

charminnie · Dec 17, 2018

I have been a DVC member for a few years but usually pay my dues all at once. I'm thinking of paying them monthly. Is there an added fee or interest? Thanks

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BillPA · Dec 17, 2018

No fee and no charge. You do have to have a USA bank account with direct transfer to DVC. It's very easy to set up, you pick your date 1st or 15th and you money just magically goes to the MOUSE.

KAT4DISNEY · Dec 17, 2018

charminnie said:
I have been a DVC member for a few years but usually pay my dues all at once. I'm thinking of paying them monthly. Is there an added fee or interest? Thanks

dvc

No, no fees o interest.

Bing Showei · Dec 17, 2018

Some people will pay in one lump sum on a credit card and get some percentage back from the credit card company they use, so in that way, paying monthly (which does not permit for credit card payment), you lose out on getting those points/cash back.

But I suppose one could point out that paying that money all up front, you lose the opportunity cost of keeping the cash growing in your [insert savings vehicle here].

If you're savvy, you can double dip. Buy gift cards when they go on sale (sometimes up to 10% off) using a points/cash back card, so on top of the discounted gift cards, you get points/cash back as well on the entirety of the purchase.

But yeah, what Kathy and Bill said. No fees/interest to Disney for paying monthly.

kniquy · Dec 17, 2018

No added fee. It just has to come out of a checking account. I have paid them monthly but had some extra Disney gift card money that i just applied to 2019 dues. All it did was push off my monthly payments to start in April. So now my plan might be to just buy the discounts gift cards at target (saving 5%) and then just add on another payment in April. Although now that i'm thinking about it i don't know if the system will allow additional payments later in the year. Normally i hate seeing money coming out of my checking but for some reason when i see the DVC payments i just know it is going towards my next Disney venture.

Deb & Bill · Dec 17, 2018

If you get them deducted on the first of the month, in January they take them Jan 15. And the Dec payment is usually a bit less than the other months.

disney junky · Dec 18, 2018

Do they send any type of notification via email that the transaction has been complete, or do you just see it on your bank statement? I've always paid it once and done. Using my Disney Card, I get the 1% or maybe it's 2% since I upgraded.

Frederic Civish · Dec 18, 2018

It is very easy to set up. You sign on to the member website. You go over to the right to the "My DVC Membership" tab. You click on the "Annual Dues" tab. You follow the instructions and set it up.

I don't remember, but I BELIEVE you need your Bank's Routing Number. That is easy to get. You just google "routing number ___________" and put in the name of your bank. Then you need a bank account, so you put in your bank account or checking account number, choose for it to be deducted on the first or the 15th, and authorize it.

I always use it, because, even as a monthly payment, I need to pay $630 per month or $7,500 per year, and $7500 is just a whole lot more spare cash than I want to come up with.

If you want to make additional payments, or pay it off sooner, like, using a credit card, you can do that, too. Either online or by calling Member Services. However, even if you go online and make the amount of payment for the month or ANY additional payment, it will apply that payment across the whole year, so it will just lower your monthly payments for the rest of the year, but won't make that monthly payment. They will still deduct the monthly payment for that month. If you call them directly, at least a week before they are set to deduct from your account, and you make the payment through a Cast Member, then they can set it so that it counts as your monthly payment. Am I explaining this in a way that makes sense?

However, I have sometimes gone into the program and made those extra payments, just to adjust the monthly payments to a level I want. And I have also gone and paid off the whole rest of the year, sometimes. If you do that, and pay off the rest of the year, they won't take any more out each month (since your yearly dues are paid off), but your bank draft arrangement is still in place and monthly deductions will start again on the following January. There have also been times when I had all my dues paid off for the year, and I sent them extra money (on 3 different accounts) to see what would happen. They just applied it to the NEXT year, and thus lowered the monthly payments a bit for the following year.

Having a monthly payment agreement counts, with Disney, as having all your dues requirements paid up. So, you don't need to worry anymore about it, as long as you make sure you have enough money in your account every month for them to make the deduction.

Wakey · Dec 19, 2018

Being from U.K. and not having a US bank account and no desire for one, I pay a sum monthly but in advance on my credit card.

Frederic Civish · Dec 19, 2018

Wakey, do they count you as being 'up to date' on your payments? I thought you either needed a monthly deduction from your bank account, or you needed to pay the whole thing. Have you made an arrangement with them to send in your monthly payment every month? Thanks.

Wakey · Dec 19, 2018

Frederic Civish said:
Wakey, do they count you as being 'up to date' on your payments? I thought you either needed a monthly deduction from your bank account, or you needed to pay the whole thing. Have you made an arrangement with them to send in your monthly payment every month? Thanks.

No, anyone can pay monthly IN ADVANCE if you just log on and pay after the dues are paid, each payment goes as a '-' credit against the following years' dues. An advisory comes up when making each payment to the effect of the payment exceeds dues owing and will be kept in credit .
I've always done this. I lose a tiny amount of interest over the year, but come dues time I usually only have a couple of hundred left to pay.
So I'll be paying my couple of hundred balance and start again in February paying a couple of hundred a month for next year.

KAT4DISNEY · Dec 19, 2018

Wakey said:
Being from U.K. and not having a US bank account and no desire for one, I pay a sum monthly but in advance on my credit card.

So you are paying the years dues an entire year in advance, not paying monthly on the current year - just to be clear.

The other way to do that would be to establish your own savings account at a bank and pay yourself monthly. Then at the beginning of the following year pay the annual dues with those funds that you have been collecting on thru the year.

drusba · Dec 19, 2018

disney junky said:
Do they send any type of notification via email that the transaction has been complete, or do you just see it on your bank statement? I've always paid it once and done. Using my Disney Card, I get the 1% or maybe it's 2% since I upgraded.

No special notice. The monthly withdrawal shows up in your checking account and total dues still owed for the year decreases in your on-line DVC member account.

Wakey · Dec 19, 2018

KAT4DISNEY said:
So you are paying the years dues an entire year in advance, not paying monthly on the current year - just to be clear.

The other way to do that would be to establish your own savings account at a bank and pay yourself monthly. Then at the beginning of the following year pay the annual dues with those funds that you have been collecting on thru the year.

For dues announced Dec 2019, I will start paying $200 a month from Feb 2019.

Denise W · Dec 19, 2018

Frederic Civish said:
It is very easy to set up. You sign on to the member website. You go over to the right to the "My DVC Membership" tab. You click on the "Annual Dues" tab. You follow the instructions and set it up.

I don't remember, but I BELIEVE you need your Bank's Routing Number. That is easy to get. You just google "routing number ___________" and put in the name of your bank. Then you need a bank account, so you put in your bank account or checking account number, choose for it to be deducted on the first or the 15th, and authorize it.

The routing number is printed right on your checks, before your account number.
Denise

condorthb · Dec 19, 2018

Denise W said:
The routing number is printed right on your checks, before your account number.
Denise

Checks? What are checks? :rotfl2:

Denise W · Dec 19, 2018

condorthb said:
Checks? What are checks?

I still use them to give monetary gifts to family members. I pay bills online.
Denise

condorthb · Dec 19, 2018

Denise W said:
I still use them to give monetary gifts to family members. I pay bills online.
Denise

I think its been about 10 years since I had to buy a box of checks. We might use 5 (usually for school fundraisers) in a year.

Frederic Civish · Dec 19, 2018

condorthb said:
Checks? What are checks?

Yeah, I was going to say the same thing. Things have really changed from how they used to be. I write a check about every 2 years, even though I have 7 'checking accounts.' I also don't use a lot of cash. I always carry some in my wallet, but unless one of my family asks me for some, the bills may sit in there for months, without being disturbed. The last thing I paid with cash was some tips at Disneyland last month. A wallet full of plastic is the way to go, and Bill Pay though the banks for standard stuff, so that I'm never late on my bills. And I also haven't 'balanced' my accounts in 20 years. I just look at the statements and if I want to know if I have enough money, I access ALL the bank accounts online.

Other changes in culture are amazing. I am still blown away by smartphones, or, as a Science Fiction writer friend calls them, "My Handbrain." And I got rid of all my home phone lines about 10 years ago, and we just use cell phones. I am still amazed that I can be in a grocery store and call my wife and ask her some detail about a particular item. Like, that used to be impossible. But I guess I'm not really COMPLETELY with it. I haven't used regular TV reception in 20 years, but I do use Cable and some internet. So, since I haven't cut that to just use the internet completely for my TV, I guess I am behind the times.

One cultural change that I notice a lot is that, when I was younger (really, I DON'T think I'm old), when you went to work you were at work. When you went to the store or a movie, you were at a movie. You couldn't just call home (let alone 'text') at any moment. People couldn't get ahold of you until you returned home, to your phone. And everybody just worked around that. Nowadays every young man or woman has a cell phone and their girlfriend or boyfriend can call them and text them at any time. There truly is no such thing anymore as being 'alone.' This actually has profound social implications.

LYSE · Dec 19, 2018

condorthb said:
Checks? What are checks?

The things you use to get your routing and account number!

Paying dues monthly?

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