Rule is that you can transfer points, once in or once out, but not both, in any one use year. At any given time, you can transfer points from the use year you are in, or the next use year, or both (that would still be only one "per use year"). You cannot transfer already banked for borrowed points, but you can bank points that have been transferred to you as long as you are within the applicable 8 month banking window of the use year of the points transferred to you, i.e.,, the 8-month banking window depends on the transferor's use-year beginning month, not yours. You cannot borrow transferred points.