How to Enroll Bank Account in SSS

Enrollment process

Before SSS can proceed to the benefit or loan application of their members, their bank accounts need to be enrolled first. In order to do that, members can follow this process to complete their applications:

1. Log in to your account to My.SSS then Click on E-Services. 
2. Click the Disbursement Account Enrollment Module, read the quick tips that will pop out of your screen, check the certification of agreement, and then click proceed.
3. At Disbursement Account Enrollment Module Interface, click the name of your chosen bank, enter your Account Number and attach any of these supporting documents:
   1. ATM Card with Account No. and Name
   2. Bank Certificate / Statement (issued not earlier than 2019)
   3. Foreign remittance receipt
   4. Passbook
   5. Screenshot of online/mobile banking account
   6. Validated deposit slip.
4. Click Choose File and attach the corresponding chosen supporting documents then check the agreement and click Enroll Disbursement Account.
5. After successfully enrolling your bank account, you will be redirected to Disbursement Account Enrollment Module and a statement of confirmation will appear at the upper corner of your screen. Also, an email will be sent to you regarding the successful enrollment.

Pros of Bank Enrollment

Promotes Service Convenience

To save time and effort of going to the SSS office to personally pick up the issued check, and for SSS to facilitate all their members efficiently, electronic transactions were established such as ATMs for disbursement of loan payouts, approved benefits, or eligible pensioners where you can withdraw the cash amount anytime and anywhere you want.

Promotes Technological Innovation

We live in a digital world now, where almost all of the transactions are done electronically. This improves customer experience and transforms the streamlined processes into paperless transactions. 

Open 24/7

ATMs offer convenience and accessibility. Members can easily access their benefits, loans, pensions or reimbursements at any time of the day with just a simple ATM transaction. 

Cons of Bank Enrollment

Security Threats

Having your account available online poses a high risk for cyber attack and exploits the security of your data by hackers. Malicious acts are done in many forms like Phishing Attacks, Malware Attacks, Ransomware, or Password attacks. 

Other disadvantages

• A higher service fee is charged if you withdraw with an ATM other than your bank.
• ATMs are sometimes under maintenance which causes the unavailability of their service.
• Cash withdrawal limitations – there is only an allowable amount of withdrawal per day.

Conclusion

More than the disadvantages that people could potentially face by enrolling their bank accounts online, the convenience and accessibility that it offers outweigh them. Enrolling your bank account in SSS will help them streamline their processes and shorten the turnaround time for processing loan applications, disbursing benefits, reimbursements and pensions.