Reserve Accounts Statement
Statement On Crystal's Reserve Accounts
UPDATED Wednesday, March 24, 2021
As with the entire travel industry, and cruising in particular, Crystal has been negatively impacted by this global pandemic of uncommon proportions. While we have a 30-year history of delivering a stellar guest experience, we have examined the events of the last year to learn from and evolve our policies and procedures to ensure that, moving forward, we will provide the six-star service for which we are historically known thus earning back the trust and favor of the world’s most discerning travelers.
For our valued guests’ and travel partners’ confidence, Crystal has established secure, non-operating reserve accounts with our financial partners to hold all refundable* payments allowing us to process future refunds in a timelier manner.
Beginning April 5, 2021, Crystal will resume taking payments as our no-money-down deposit window, which has been available since last July, comes to an end. Refundable payments will be deposited in these new reserve accounts, and, along with additional channels of available funds and credit, will ensure 100 percent coverage of all refundable payments.
We want to thank our guests and travel partners for their patience and understanding over this past difficult year. Our officers, staff and crew are ready to welcome our Crystal Family home as we resume service this summer.
*Applicable cancellation policies or contract terms will apply.
Crystal's Reserve Accounts FAQs
• Will these reserve accounts be audited or reviewed by 3rd parties?
Crystal is audited annually. The audit includes procedures for material items such as restricted cash balances and contract liabilities, which includes refundable payments for future cruises.
• Are there any payments that are not going into the reserve accounts?
Any non-refundable payments received in accordance with our published, applicable cancellation policies, as well as air and insurance are excluded from the reserve accounts.
• What is a non-operating account?
A non-operating account is an account that is not used or accessed in relation to ongoing operations and are generally classified as restricted cash when reporting externally.
• Does this policy apply to charters, incentive groups and other contracted group business?
A separate policy will apply to charters, incentive groups and other contracted group business. Please contact CMISales@crystalcruises.com for more information on charters and incentive groups.