Yes but ONLY the CURRENT Use Year's points used in the reservation will be bankable if you cancel at least 31 days before the check-in date ( I just wanted to be sure this point is clear in case you didn't pick it up in earlier posts
)
So if your trip has Oct 10 2009 check-in using points from your CURRENT UY
of February 2009 & you cancel Sept 9 2009 (31 days before) you can bank the points from February 2009 UY allotment by Sept 30 2009 into
2010 Use Year.
But if this reservation also used Banked Points (from February 2008 UY allotment)
and / or Borrowed Points (from February 2010 UY allotment) you would need to use these Banked and / or Borrowed points by January 31 2010 - they would not be bankable even though you are cancelling the ressie 31 days or more before check-in & even though your banking deadline is
Sept 30 2009 because points that have been banked can't be banked again & borrowed points cannot be put back into the UY they were originally from so any banked or borrowed points would need to be used for another reservation that occurs by Jan 31 2010 ( latest check-out date
could be is Feb 1 2010 )