Update 7/3/23: Looks like at least one person has had their account reinstated with a warning:
Subject: Update regarding your recent Aeroplan Points Conversion
You have recently converted a significant number of points from a third party rewards program into the Aeroplan® Program and then subsequently redeemed those Aeroplan Points for Pay Yourself Back® on your Chase Aeroplan® Card. Section 6 of the Aeroplan Terms and Conditions provides that “Aeroplan reserves the right, at any time, to impose limitations on the ability of a Member to engage in conversions from a Conversion Program into Aeroplan Points and on the use of such Aeroplan Points upon conversion.”
In accordance with Section 6, Aeroplan has established limitations on the ability of a Member to engage in conversions from a Conversion Program into Aeroplan Points and on the use of such Aeroplan Points for Pay Yourself Back on your Chase Aeroplan Card. Only Aeroplan Points earned under the Aeroplan Program, the Chase Aeroplan Card, and Chase Ultimate Rewards can be used for Chase Pay Yourself Back. All other conversion programs are not allowed to be converted into Aeroplan Points for use with the Chase Pay Yourself Back program.
This email is being sent to inform you that a recent transaction activity performed by you fits the above description. This will be your only warning and if this type of transaction happens again, Aeroplan will take action up to and including closing your Aeroplan account.
Hat tip to tunasushi777
Original post: There is at least one report of Chase shutting down all of the accounts of a Chase Aeroplan cardholder that ‘abused’ the PYB feature of the card. For those unfamiliar Chase Aeroplan cardholders can redeem Aeroplan miles for 1.25¢ against travel charges on the card. You’re not limited to using Aeroplan miles that are earned on this card and there is also no cap for this calendar year (from 2024 onwards there will be a cap of 50,000 miles). The cardholders whose account was shut down did redeem 5,000,000 miles not earned on the card towards Chase travel purchases so not a huge surprise but worth mentioning for those using this card feature.