I have also received the template salutation above as well. But, ironically it was a follow-up email in which they had my name correct in the first email (included and copied at the bottom)

Several folks don’t really do their research so this is a nice example of bias and good illustration using Vanguard.

From a company perspective, churn rate is likely high among their hoarder customers who recently have redeemed nearly all of their miles or points.