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Friday, May 10, 2019

SSS Requires Salary Loan Applicants To Have Cash Card Account To Avail

Are you a member of the Social Security System (SSS) and you want to avail a salary loan?
You may need to open a cash card account first. SSS is now urging members who want to avail the salary loan for certain branches.

Are you a member of the Social Security System (SSS) and you want to avail a salary loan?  You may need to open a cash card account first. SSS is now urging members who want to avail the salary loan for certain branches.     Ads    The SSS is requiring its members to open a cash card account in a certain bank if they want to avail of the salary loan in several SSS offices.  Under the new system, the salary loan availed by the members will be credited and withdrawn from the cash card instead of SSS issuing cheques and have the members encash it from the bank.  Pedro Baoy, senior vice president of SSS Lending and Asset Management Group, explained that through this way, the loan process will be much quicker compared to the old system where the SSS issues cheques to the members.  The SSS spend P122 for every processing of cheques issued for salary loans. In the new system using cash cards, they only spend around P50 in using ATM cards. Through this new system, SSS can also save up to P11million  every month or over P130 million every year.    There are 20 SSS branches which require the members to open their cash card accounts to avail the salary loan including the big branches in Diliman, Makati, Cebu, Iloilo, and Davao. Other branches will eventually follow the same requirements.  The new system has earned various reactions from members. Others are in favor saying that it would be easier while others especially those who are not aware of the new system.   Ads          Sponsored Links    As of the moment, the members are advised to open their cash card accounts only at the UnionBank because its system is compatible with the computer system used by the SSS. this ensures that the bank can provide the service that the SSS needs.  Baoy also said that they will also talk to other banks where their members have bank accounts to have their loans deposited in their existing accounts.   In 2008, there was over P30 billion worth of salary loans being granted to 1.8 million members, about 9.22 percent or 166,000 of them claimed their loans using cash cards. Now, in the new system, the majority of the members are expected to claim their loans through their ATM cards
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The SSS is requiring its members to open a cash card account in a certain bank if they want to avail of the salary loan in several SSS offices.

Under the new system, the salary loan availed by the members will be credited and withdrawn from the cash card instead of SSS issuing cheques and have the members encash it from the bank.
 Pedro Baoy, senior vice president of SSS Lending and Asset Management Group, explained that through this way, the loan process will be much quicker compared to the old system where the SSS issues cheques to the members.

The SSS spend P122 for every processing of cheques issued for salary loans. In the new system using cash cards, they only spend around P50 in using ATM cards. 
Through this new system, SSS can also save up to P11million  every month or over P130 million every year.
Are you a member of the Social Security System (SSS) and you want to avail a salary loan?  You may need to open a cash card account first. SSS is now urging members who want to avail the salary loan for certain branches.     Ads    The SSS is requiring its members to open a cash card account in a certain bank if they want to avail of the salary loan in several SSS offices.  Under the new system, the salary loan availed by the members will be credited and withdrawn from the cash card instead of SSS issuing cheques and have the members encash it from the bank.  Pedro Baoy, senior vice president of SSS Lending and Asset Management Group, explained that through this way, the loan process will be much quicker compared to the old system where the SSS issues cheques to the members.  The SSS spend P122 for every processing of cheques issued for salary loans. In the new system using cash cards, they only spend around P50 in using ATM cards. Through this new system, SSS can also save up to P11million  every month or over P130 million every year.    There are 20 SSS branches which require the members to open their cash card accounts to avail the salary loan including the big branches in Diliman, Makati, Cebu, Iloilo, and Davao. Other branches will eventually follow the same requirements.  The new system has earned various reactions from members. Others are in favor saying that it would be easier while others especially those who are not aware of the new system.   Ads          Sponsored Links    As of the moment, the members are advised to open their cash card accounts only at the UnionBank because its system is compatible with the computer system used by the SSS. this ensures that the bank can provide the service that the SSS needs.  Baoy also said that they will also talk to other banks where their members have bank accounts to have their loans deposited in their existing accounts.   In 2008, there was over P30 billion worth of salary loans being granted to 1.8 million members, about 9.22 percent or 166,000 of them claimed their loans using cash cards. Now, in the new system, the majority of the members are expected to claim their loans through their ATM cards

There are 20 SSS branches which require the members to open their cash card accounts to avail the salary loan including the big branches in Diliman, Makati, Cebu, Iloilo, and Davao. Other branches will eventually follow the same requirements.

The new system has earned various reactions from members. Others are in favor saying that it would be easier while others especially those who are not aware of the new system.

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As of the moment, the members are advised to open their cash card accounts only at the UnionBank because its system is compatible with the computer system used by the SSS. this ensures that the bank can provide the service that the SSS needs.
Baoy also said that they will also talk to other banks where their members have bank accounts to have their loans deposited in their existing accounts. 
In 2008, there was over P30 billion worth of salary loans being granted to 1.8 million members, about 9.22 percent or 166,000 of them claimed their loans using cash cards.
Now, in the new system, the majority of the members are expected to claim their loans through their ATM cards

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