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I've got 2 reservations in October using points. I need to cancel one of them (family sickness). The DVC site says the points will be returned to our account in the use year in which the reservation falls. Does this mean we have to use those point before Dec 31st? Or are they added back to the account and we can bank them for use next year?
Use year and calendar year are two entirely different things.
Depending on the use year of your contract, October could be in either a 2016 or 2017 use year. In your case, unless your use year is December, then the points are 2017 points and will be returned to your account as 2017 points and, assuming you're still in your banking window, you can bank them into next year.
If you have a December use year, then they are 2016 points. If you cancel, the points go back as 2016 points and you'll have until November 30 to use them; it's too late to bank them.
Steve
As Steve said, it would be dependent on your use year not the calendar year. What is your use year that was used to make the reservations?