Automatic Dues Payment set-up ?

[ClosetDisMom]

My husband and I purchased a resale contract that finalized in October with the 2017 dues paid in full. I would like to set up the automatic due payments to start in January. I saw the page on the portal to set it up but wondered when would be the right time. If I want to start the withdrawls in Janurary, when should I set it up?

Thanks!

 

[erionm]

If it will let you do it now, do it. If it won't, check back once the actual statements drop in mid December.

 

[DduzDis]

They give themselves up to 10 business days to complete the setup. I would go ahead and do it well in advance. While mine only took a day or two, there may be times that they take longer.

 

[MikeRx]

FYI, I have my statement coming in the mail today...We have the USPS Informed Delivery and i can see a scan of my non-bulk mail for the day and I saw the "DVC Statement" on my list.... The informed delivery service is free and allows me to get a heads up when important stuff is arriving.

Mike

 

[erionm]

FYI, I have my statement coming in the mail today...We have the USPS Informed Delivery and i can see a scan of my non-bulk mail for the day and I saw the "DVC Statement" on my list.... The informed delivery service is free and allows me to get a heads up when important stuff is arriving.

Mike

I can't be the 2018 Dues Statement as the actual dues amounts are not final until the annual condo meeting on 12/7.

 

[MikeRx]

My bad....it was a statement for our pro-rated 2017 dues as we purchased a small contract direct in October....I saw the "statement" envelop and posted before i had a chance to open.

Mike

 

[LisaS]

Do it sooner rather than later to be sure you're all set before the first payment is due. There's no harm in setting it up early. Payments are withdrawn on fixed dates so no funds will be taken until they are due. With the holiday season coming up, it's easy to forget things like this so I would do it now and cross it off your "to do" list.

ETA: Welcome home!

 

[LisaS]

OP, as I'm sure you know, monthly payments can only be paid by direct debit from a US bank checking account. In case you aren't aware, you can pay off all or part of the balance with a credit card (to get reward points), or with Disney VISA reward points, or with Disney gift cards, or of course with a check, at any point during the year.

I have a couple of annual bills due in January so to manage my cash flow, I signed up for monthly payments for my DVC dues. I let the January and February payment get paid by direct debit. In March or so, I buy discounted Disney gift cards and use those plus my Disney VISA reward points to pay off some or all of the balance.

Just be aware that if you pay off part of the balance and you own only one contract, your monthly payments continue at the same dollar amount. In other words, they don't recalculate your payments based on the remaining balance and the number of months left in the year. They continue to debit the same amount and you end up paying off the balance earlier in the year.

If you own more than one contract and you pay off part of your total dues balance, they apply the payment to each contract in turn. Say you had three contracts, they would apply the payment first to the contract with the lowest dues balance. If your payment is sufficient to pay off that contract's dues in full, they apply the rest of your payment towards the second lowest balance and so on. Say you paid off the dues for Contract #1 in full and part of the dues for Contract #2. Your monthly payment would drop because you are making dues payments only on two contracts now. Once Contract #2's dues are fully paid, the payment would drop again because you are paying dues only on the third contract.

ETA: The info above is probably out of date since you can now make payments with credit/gift cards online. The system may allocate payments differently than Member Services does. But the relevant point still holds -- you can sign up for monthly debits but make additional payments towards your balance throughout the year.