The Market Monitor Minding the Nation's Business
The Social Security System (SSS) has launched the SSS-UnionBank Quick Card, the newest addition to its growing number of electronic facilities to enable members to get their salary loan just three days upon the approval of their application.
The Quick Card facility, offered in partnership with Union Bank of the Philippines (UnionBank), was initially opened to applicants last October 27 at SSS Diliman, Makati-Gil Puyat and Pasig-Shaw, according to SSS Assistant Vice President for Member Loans Department Boobie Angela Ocay.
The three pilot SSS branches in Metro Manila were chosen because of their high volume of salary transactions and proximity to business districts.
“Once the process and the system are smoothly running, we will expand this service to more SSS branches nationwide,” Ocay said.
The SSS-UnionBank Quick Card is an automated teller machine (ATM) card linked to a member’s personal UnionBank savings account that would be opened as part of the SSS salary-loan application. The loan proceeds would be credited to this UnionBank savings account within three to five working days upon approval of the salary loan. SSS-UnionBank Quick Cards are issued to members free of charge on the same day the salary loan is approved. Members can withdraw their salary-loan proceeds from any Megalink, Bancnet and Expressnet ATMs, and use them for over-the-counter and onlinepurchases at Visa-affiliated merchants, similar to a debit card. Since the Quick Card has no expiration date, members can use the same UnionBank savings account each time they want to renew their SSS salary loan.
They can also use it as their own savings account where they can deposit and withdraw their funds from other sources apart from the SSS.
“We encourage our members to take advantage of the ease, convenience and efficiency offered by the SSS-UnionBank Quick Card. With this card, borrowers can easily access their loan funds from ATMs, instead of waiting for their loan checks from the mail or through their employers,” Ocay said.
Besides the SSS-UnionBank Quick Card, SSS members can also use their existing UnionBank savings or checking account to receive their salary-loan proceeds. On-site UnionBank kiosks and bank personnel are stationed at the selected SSS branches to assist loan borrowers in opening their bank account for the Quick Card, or to certify the members’ existing UnionBank savings or checking account for the salary loan release.“Whether they are applying for the Quick Card or enrolling their existing UnionBank account, members availing themselves of any of these two UnionBank programs for the first time must personally file their salary-loan application in any of the participating SSS branches,” Ocay said.
SSS members with at least 36 monthly contributions, six of which are posted within the last 12months prior to loan application, are eligible for the salary loan. The loan amounts range fromP1,000 up to P32,000, depending on the member’s declared income and total number of posted contributions. “Salary loans are only the first among the various SSS disbursements that can be released through the Quick Card.
In the future, the Quick Card will also be a channel for the electronic release of sickness, maternity and employees’ compensation benefits as well as pensions,” Ocay said.