A reader writes the following in response to my story about Aeroplan's new policy of poaching points from members who don't use their accounts for 12 months. I blogged that this practice would be considered stealing if your bank did it. The reader responded:

Your bank analogy doesn't fly. The Bank of Canada exists because banks CAN close your account if you don't use it. Granted it's after 10 years of inactivity not 1, but that actual money you earned, inherited, etc. but as you pointed out - a loyalty program is different in that the points were given not paid for. You still get the product or service that you paid for - PLUS the loyalty points. So they don't equal money and while they do have a real value, it must be acknowledged that they are not the same. The emails aren't vague or subtle - the title states to use your account before the miles expire. Bottom line? Read the contract and stay up to date and you won't lose.

Thanks for the response. Of course, the points aren't cash in themselves. But as a consumer, I would have chosen to transact business with the company with the loyalty program based on my wish to accumulate points and actually use them.

My issue with the 12 month rule is this: I think it's designed to catch napping consumers who don't read every fine print detail and who don't check their Blackberry twenty times a day. If they made it a five year rule, fine. Those consumers really don't use the company's services. But one year? Not good enough, in my book.

And to your point about the bank having ten years before declaring your account dormant: even at that point, the bank account holder can avail of the process with the Bank of Canada to get the money back. With Aeroplan, you have to pay a fat upfront fee to recover the miles. And at what they're charging, there is no point.