RCI exchange within 2 weeks- allowed to cancel?

I keep reading about how you can cancel an rci exchange within 24 hours without penalty. We are central floridians with Disney annual passes this year. If I see a low tpu dvc late at night, can I book it and have the 24 hour grace period to cancel if it doesn't work for my husband as far as his job goes? If it is more than 15 days away, a hold would work for this purpose.

I am hoping to get something in late May/ early June or the second half of Aigust, which seem to be more likely even in the new procedure. We would prefer animal kingdom or old key west over saratoga for ease of sleeping the kids.

If you cancel within 24 hours, do you get your TPUs and exchange fee back? We did one low tpu exchange for my sister and brother in law and received an immediate email then an "exchange is confirmed" the next day.

Thanks in advance!

Yes. You pay but it will be refunded if you cancel with 24 hours of booking. At one point you had to request your money refund over the phone or it would sit in your account. Now you can cancel online and it gives you the option to stay as a credit or be refunded.

Within 14 days is this still true?

Wow! Thanks for the quick reply! Thank you for letting me know the procedure- do you know if it is any different within 14 days?

no different. In fact I wasn't sure about a week and I booked and then cancelled 3 times up until 3 days before check in.

I thought you couldn't use the "HOLD" feature with less than 2 week window?

Hold is only 15+ days out

You are correct!

Well then I am confused by this comment:

booked and then cancelled 3 times up until 3 days before check in.

I didn't hold. I booked it and then canceled it the next day. As soon as it came back into inventory I booked it again. The next day I cancelled again and I repeated it one more time. I kept the money in the account as a credit. The credit came back immediately upon cancelling.

I originally had the credit on the account from starting an ongoing search. The two searches remained in affect. Even without platinum or a special promotion you only have to have the $209 credit in the account when starting an ongoing search.

Are you saying that once an RCI reservation is booked -- we have 24 hours to cancel without charge?

You have 24 hours to cancel and get you deposit credit back and your exchange fee. You are charged when confirming the exchange.