Reservations cancelled 31 or more days ahead will return the points to your contract to be used or banked per usual restrictions.
Reservations cancelled 30 days or less before will place the points into a "Holding Account". These points may only be used to make a new reservation within 60 days of arrival. They cannot be banked and will expire at the end of the current Use Year.
The reservation is considered complete on the day of arrival and all points for that stay will be deducted at that time.