Does anyone know where I can reference cancellation policies? We are thinking of flying standby and don't know how what will happen to our points if we can't make it to WDW after booking reservations?
If you cancel on your day of arrival, all points are forfeited. If you cancel 1 to 30 days prior, the points go into a holding account and can only be booked 60 days or less prior to the new arrival date and expire at the end of the use year.
Debbie B gave you the answer for the DVC Resorts in a nutshell - you can find the info in your Vacation Planner and on the Members' Website. Here's what the website says about canceling for the DVC Resorts (there is also info about canceling other options, which I won't copy here):
Disney Vacation Club Resorts
* Changing a reservation 31 or more days prior to check-in:
If the new reservation uses fewer Vacation Points than the original reservation, the remaining Vacation Points will be returned to your account in the Use Year in which the reservation falls.
* Changing a reservation 30 days-1 day prior to check-in:
All Vacation Points will be placed in the Holding Account. If the new reservation uses fewer Vacation Points than the original reservation, the remaining Vacation Points will stay in the Holding Account until the end of your Use Year.
* Changing a reservation on the check-in date:
If the new reservation uses fewer Vacation Points than the original reservation, the remaining Vacation Points will be forfeited.
* Cancelling a reservation 31 or more days prior to check-in:
All Vacation Points used to make the reservation will be restored to your account in the Use Year in which the reservation falls.
* Cancelling a reservation 30 days-1 day prior to check-in:
All the Vacation Points used to make the reservation will be placed in the Holding Account in the Use Year in which the reservation falls.
* Cancelling a reservation on the check-in date:
All the Vacation Points used to make the reservation will be forfeited.