How Do I Update My Bank Info for My SSS Salary Loan?
/
How Do I Update My Bank Info for My SSS Salary Loan?
Introduction: Why Updating Your Bank Info Matters More Than You Think
Imagine this: Your SSS Salary Loan has just been approved. You’re excited to finally receive the cash you need — only to find out the deposit failed because your bank details were outdated or incorrect.
Frustrating, right?
Updating your bank information with the Social Security System (SSS) is a crucial step to ensure you receive your SSS Salary Loan without delay. In today’s digital system, SSS no longer releases loans via check — they credit it directly to your registered bank account. That means your bank info must be correct, updated, and approved.
Let’s dive into how you can properly update your bank info and avoid unnecessary delays.
Step-by-Step Guide to Updating Bank Info for Your SSS Salary Loan
✅ Who Needs to Update Their Bank Details?
You should update your bank info if:
You’re applying for a Salary Loan for the first time
You’ve changed banks
You’ve closed your previous account
Your loan disbursement was returned or failed
Your current bank account is not PESONet-participating
📝 What You Need Before You Begin
Prepare the following before updating your bank info:
A PESONet-participating bank account under your name only (Joint or business accounts are not allowed)
Your My.SSS account credentials
A clear photo or scan of your ATM card or bank statement showing your name and account number
An image of your valid ID (e.g., UMID, Driver’s License, Passport)
💡 Pro Tip: Before you proceed, check out the SSS Salary Loan Calculator to estimate how much you can borrow and how long it’ll take to repay your loan.
📲 How to Update Your Bank Info in My.SSS Portal
Here’s how to update your bank account details using your My.SSS online account:
Step 2: Go to ‘Disbursement Account Enrollment Module’ (DAEM)
On the menu, click: E-Services → Disbursement Account Enrollment Module
Step 3: Add a New Bank Account
Click the ‘Add Disbursement Account’ button.
Fill in the required details:
Bank name (choose from the drop-down)
Bank account number (double-check!)
Upload your supporting documents:
Image of your bank document (ATM card with account number & name or bank statement)
Image of your valid ID
Step 4: Submit and Wait for Approval
After submission, your bank info will show as “Pending.”
SSS will verify the documents and notify you once it is approved or rejected via email or your My.SSS inbox.
⏳ Processing Time: 2–5 working days (may vary)
⚠️ Common Mistakes to Avoid
Mistake
Why It’s a Problem
Entering the wrong account number
Loan will be rejected or delayed
Using a joint or company account
Not allowed for disbursement
Uploading blurred documents
May cause rejection
Using a bank not on the PESONet list
Loan will not be credited
PESONet-participating banks only are accepted. Examples include:
BDO
Landbank
UnionBank
Metrobank
GCash (with upgraded account)
📌 Double-check the updated list on SSS before enrolling a bank.
TL;DR — Summary for Busy Readers
To update your bank details for your SSS Salary Loan, log in to your My.SSS account, access the Disbursement Account Enrollment Module (DAEM), and upload your bank info and valid ID. Make sure your account is PESONet-participating, and that it’s under your name only. Use the SSS Salary Loan Calculator to preview your loan amount before applying.
📚 Frequently Asked Questions (FAQs)
1. Can I use GCash for my SSS Salary Loan disbursement?
Yes, as long as your GCash account is fully verified and linked to a bank account via PESONet.
2. What happens if I input the wrong bank account number?
SSS will reject your disbursement and require you to re-enroll a valid bank account. It will delay the loan release.
3. How do I know if my bank is PESONet-accredited?
You can check the list on the SSS website or contact your bank directly. Popular banks like BPI, BDO, and UnionBank are included.
4. Can I update my bank info via the SSS mobile app?
As of writing, full bank account updates are best done via the My.SSS web portal, not the app.
5. Do I need to update my bank info every time I apply for a loan?
No. Once your account is approved and active under DAEM, you can use it again unless you want to change it.
Final Thoughts
Updating your bank information is more than a small step — it’s the gateway to receiving your SSS Salary Loan smoothly and quickly. Whether you’re applying due to a medical emergency, education expense, or short-term need, don’t let a simple error delay your funds.
Before applying, make sure to check how much you can borrow using the SSS Salary Loan Calculator so you’re fully prepared.
Stay updated, stay verified, and stay stress-free!
