AIR MILES®† Reward Program Sample Clauses

AIR MILES®† Reward Program. If you are applying for a Canadian or US Dollar Primary Chequing or Savings account, you also agree to the terms in this section regarding the AIR MILES Reward Program: • You have one of the following Options (a) to earn AIR MILES reward miles on your account and have them credited to an AIR MILES Collector Number (b) not to earn reward miles on your account. • If you do not indicate your choice when you apply, you agree that you have chosen Option (b). • You may change your Option by giving us notice of the change in writing at the branch where your account is held. • If you have chosen Option (a) reward miles will not be earned on your account until you fulfill any other eligible criteria for earning reward miles that we may require from time to time. • You confirm that the AIR MILES Collector Number provided to us is correct. • We will direct any reward xxxxx earned on your account only to the Collector Number you provide. • If you have chosen Option (b), you agree that you will not make any claims against us for not having your account earn reward miles. • We decide and tell you how the reward miles that we issue can be earned on your account. We may change how they are earned. We may cancel or reverse any reward miles will be adjusted for any point-of-sale reversal or return. • Your account(s) must be in good standing. • Regarding all aspects of our involvement in the AIR MILES Reward Program, you agree that the rights that the Collector for your account may have against us are no greater that the Collector’s rights against LoyaltyOne Inc. (“Loyalty”) in the Collector’s agreement with them. • The AIR MILES Reward Program is covered by a separate agreement between Loyalty and the AIR MILES Collector for your account. • Loyalty is responsible for the AIR MILES Reward Program. You will not hold us responsible for the Program or any obligation in connection with it or its operation. If the Reward Program is changed or ended, you will also not hold us responsible. You will not make any claims against us for any matter connected in any way with the AIR MILES Reward Program. • We decide when to report to Loyalty or its agents the AIR MILES reward miles earned on your account from us and we may give Loyalty or its agents any other information reasonably required by Loyalty for the AIR MILES Reward Program. There is a processing period between the time we report the reward miles earned from your account and when those reward miles become available to the Colle...
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AIR MILES®† Reward Program. Because management has determined that the earnings process is not complete at the time an AIR MILES reward mile is issued, the recognition of revenue on all fees received based on issuance is deferred. We allocate the proceeds from issuances of AIR MILES reward miles into two components based on the relative fair value of the related element: • Redemption element. The redemption element is the larger of the two components. For this component, we recognize revenue at the time an AIR MILES reward mile is redeemed, or, for those AIR MILES reward miles that we estimate will go unredeemed by the collector base, known as “breakage,” over the estimated life of an AIR MILES reward mile. • Service element. For this component, which consists of marketing and administrative services provided to sponsors, we recognize revenue pro rata over the estimated life of an AIR MILES reward mile. Under certain of our contracts, a portion of the proceeds is paid to us at the issuance of AIR MILES reward miles and a portion is paid at the time of redemption. Under such contracts the proceeds received at issuance are initially deferred as service revenue and the revenue and earnings are recognized pro rata over the estimated life of an AIR MILES reward mile. The amount of revenue recognized in a period is subject to the estimated life of an AIR MILES reward mile. Based on our historical analysis, we make a determination as to average life of an AIR MILES reward mile. The estimated life of an AIR MILES reward mile of 42 months and breakage of one-third has remained constant for all periods presented. Breakage and the life of an AIR MILES reward mile is based on management’s estimate after viewing and analyzing various historical trends including vintage analysis, current run rates and other pertinent analysis. The estimated life of an AIR MILES reward mile and breakage is actively monitored by management and subject to external influences that may cause actual performance to differ from estimates. We believe that the issuance and redemption of AIR MILES reward miles is influenced by the nature and volume of sponsors, the type of rewards offered, the overall health of the Canadian economy, the nature and extent of AIR MILES promotional activity in the marketplace and the extent of competing loyalty programs. These influences will primarily affect the average life of an AIR MILES reward mile. We do not believe that the estimated life will vary significantly over time, consistent wit...
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AIR MILES®† Reward Program. BMO Global Money Transfers do not earn reward miles.
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Related to AIR MILES®† Reward Program

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