I am confused and I was hoping for some clarification. I booked a trip for October (using 147 points). They are March 2012 use year. If I cancel BEFORE 30 days, can I bank them. Thank you.
If the points you used for the October vacation were from your 2012 use year, AND you cancel at least 31 days before arrival, then yes you may bank the points.
If you used any points that were banked from your 2011 use year or if you borrowed any points from your 2013 use year, you would NOT be able to bank those points. They would expire on 2/28/2013 if you do not use them before then.
You must bank any points from your 2012 use year before the end of the day on October 31, 2012.
In any given use year, you have until the end of the eighth month to bank points that are in that use year (and not already banked or borrowed). With a March use year, you have until October 30 to bank (in counting to 8 you include your first month, in your case March) and as long as you cancel a reservation 31 or more days out and it is not yet October 30 when you cancel, you can bank.