SSS Benefits, Loans Soon via AUB ATMs
Social Security System (SSS) members will soon have the option to skip the lines and avoid heavy traffic when they avail of their benefits and loan releases from the state pension fund.
Asia United Bank (AUB), one of the country’s fastest-growing universal banks, is developing a system that will enable SSS members to access funds from automated teller machines (ATMs) and point-of-sale terminals.
AUB and SSS officials recently signed a memorandum of agreement that accredits the publicly listed bank as a conduit for releasing SSS members’ loan proceeds and sickness, maternity, death, disability, and retirement benefits.
“AUB’s partnership with SSS will provide additional comfort, convenience, and security to SSS members as their loan releases and benefits will now be automatically deposited to their account. This means there’s no need to go to the SSS office to claim your benefits and line up in the bank to deposit or encash a check,” said AUB president Abraham T. Co.
Under the agreement, SSS members can use their Unified Multi-Purpose ID (UMID) card in any of the more than 242 AUB ATMs nationwide, as well as in any BancNet, MegaLink and point-of-sale terminals of these card networks to withdraw their benefits or loans instead of the usual time-consuming and risky system of waiting for their checks by snail mail.
Present during the MOA Signing were: Mr. Co; executive vice-president Isabelita M. Papa; and Lily Ann M. Chua, Head of Cash Management Services of AUB; SSS president and CEO Emilio S. De Quiros Jr.; Mario R. Sibucao, vice president for Member Services; and Jose Antonio L. Salazar, SSS ID Card Production Center- Department Head.
AUB has pioneered several banking technologies in the country, especially when it comes to consumer protection. Recently, AUB launched an anti-card skimming program that works by sending an SMS authorization to the ATM cardholder when there is a third withdrawal on his/her ATM on the same day. This minimizes fraudulent transactions as clients usually only do two withdrawals at most per day. AUB allows clients to withdraw up to P50,000 a day from its ATMs, which is one of the highest limits in the local banking industry.