I thought I have seen it all, but apparently not:

Person opened a new AE account, transferred 300k Chase UR points and with a 24h delay, the points finally showed up in the AE account.

The points show up under "my account" and the transaction is listed under "Activity".

Tried to book an award, but on the review page the following error message is displayed:

There are not enough Aeroplan points in your account to apply to this booking.

...and indeed the points balance displayed in the upper right corner is zero.

I tried the usual (different browsers, logging out and back in), but the same issue persists.

Has anyone encountered this issue?

Any idea what's going on here? I was thhinking it may be some kind of "pending transaction", but I've never seen that with AE.