How Do I Update My Bank Account for My SSS Calamity Loan?
/
How Do I Update My Bank Account for My SSS Calamity Loan?
Imagine this: You’ve just applied for an SSS Calamity Loan, but your old bank account is already closed. What happens now? Many members face this exact problem, and it can delay their loan release.
Good news: You can easily update or change your bank account in SSS through the Disbursement Account Enrollment Module (DAEM). This ensures that your calamity loan proceeds are credited without hassle.
In this guide, we’ll walk you through how to update your bank account, the requirements, common mistakes to avoid, and practical tips to make the process smooth.
Why Updating Your Bank Account Matters
✅ Fast loan release – Loans are credited within 3–5 working days if your bank is valid.
✅ Avoid delays – Wrong or inactive accounts will cause loan rejection.
✅ Security – Ensures the funds are released only to you (not to another person).
Step-by-Step Guide: Updating Your Bank Account for SSS Calamity Loan
Choose your bank from the accredited list (BDO, BPI, Landbank, Metrobank, etc.).
Enter your account number (make sure it’s correct).
Upload any of the following as proof:
ATM card with your name
Bank certificate or statement
Passbook showing your name and account number
Step 4: Submit and Wait for Approval
Click Submit and wait for SSS to validate your account (usually 1–3 working days).
Once approved, this becomes your default disbursement account for loans and benefits.
Requirements for Updating Your Bank Account
Must be a Peso savings or checking account.
The account should be under your name (joint accounts or others’ accounts are not accepted).
Provide a clear copy of proof of account (ATM card, passbook, or statement).
Your bank must be on the SSS-accredited list.
Common Issues and How to Fix Them
❌ Account Not Accepted
Reason: Not on the accredited list.
Fix: Open a savings account with an accredited bank or use an e-wallet like GCash.
❌ Account Name Mismatch
Reason: Name in bank doesn’t match SSS records.
Fix: Update your name in SSS records first (via Member Data Change form).
❌ Closed or Dormant Account
Reason: Old or unused account was enrolled.
Fix: Enroll an active account or e-wallet.
Alternative to Bank Accounts: E-Wallets and Remittance
If you don’t have an accredited bank account, you can use:
GCash
PayMaya (Maya)
Remittance partners (for pick-up method)
These can also be enrolled in DAEM, making them a good alternative for faster disbursement.
Pro Tip: Compute Your Loan Before Updating
Before updating your bank account and applying for the calamity loan, check how much you’re eligible to borrow. Use the SSS Calamity Loan Calculator to estimate your loanable amount and repayment terms.
That way, you’ll know exactly what to expect when the loan is credited to your updated bank account.
Real-Life Example
Maria’s Story: She applied for a calamity loan but her old payroll account was already closed. After updating her bank account in DAEM with her new BPI savings account, she got her loan proceeds in just 4 working days.
Lesson: Always check if your bank account is active and accredited before applying.
TL;DR (Too Long; Didn’t Read)
🔑 Log in to My.SSS → E-Services → DAEM.
🏦 Enroll or update your bank account, GCash, or PayMaya.
đź“„ Upload proof of account for validation.
âś… Only accredited banks and active accounts are accepted.
🔍 Use the SSS Calamity Loan Calculator before applying.
FAQs on Updating Bank Accounts for SSS Calamity Loan
1. Can I change my bank account after applying for a calamity loan? Yes, but the loan won’t be released until you update your bank account in DAEM.
2. What if I don’t have a bank account? You can use GCash, PayMaya, or remittance pick-up instead.
3. How long does SSS validate a new bank account? Usually 1–3 working days, but it may take longer if documents are unclear.
4. Can I use a payroll account? Yes, if it’s a savings or checking account under your name.
5. What happens if my account gets rejected? You’ll receive a notification in your My.SSS account. Re-enroll using another valid account.
Final Thoughts
Updating your bank account for your SSS Calamity Loan is simple but crucial. A wrong or inactive account can cause weeks of delay, while a properly enrolled and accredited account ensures you get your much-needed funds fast.
Before applying, always:
Check your bank’s accreditation.
Make sure your account is active and matches your SSS records.
