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Matthew, it will automatically process as long as you are logged in. Just click the Order Status/Account link up top once logged in and go down to TEAM BUDS Membership Status and it should say "active" along with your TB expiration date.
The system will know but to check if it shows you as a team buds member you can go to the customer help pull down and select Team buds at the top Just below the "Welcome Team Buds Member" it will tell you that your team buds is active and how long you have left on your membership
No, as long as your membership is up to date and logged on to your account then everything is fine.