Why you have to keep your Validated Philippine Bank Deposit Slips

You might need them for filing government benefits (Pesos Series #7)

I almost threw the bank deposit slip but something made me hold on to it. Well, I am glad I hung on to it for I needed it to file for government benefits. In this post, I will share what I learned about validated deposit slips in the Philippines.

SSS Benefits filed Online

If you work for the government in the Philippines, you will likely be under the Government Service Insurance System (GSIS). Otherwise, you will be under the Social Security System (SSS). My late brother worked for both so I was allowed to file for death benefits under both systems. However, SSS will only give benefits if I, myself, have an online account. Thus, I resurrected my old SSS decades ago (through a lot of paperwork and office visits which I may share later). Once my account was active, I have to connect my Philippine peso banking account so they can deposit the monetary benefits to that account. Well, in the USA, you only have to give the routing number and account number (and maybe undergo a brief verification) to receive bank transfer. Not for SSS benefits. There were more steps.

Picture of ATM not Enough

Once I gave the account number in the SSS Online Portal they asked for a picture of my ATM. Unfortunately, my PNB ATM does not have the account number on it. They asked for a validated deposit slip which shows my peso account number. It is a good thing I did not throw the slip. I uploaded the image. But it was not enough. I have to take a picture of myself holding the deposit slip. They needed double verification using selfies 🤓. Afterwards, I was able to file for the funeral benefits of my late brother.

Online Validation different from Paper Filing

SSS funeral benefits are filed online but death benefits are filed in person or through an authorized representative. When I filed for it in person, I was surprised to find out that I needed to submit a copy of a validated deposit slip again. I told them I validated my account online. They just repeated that it is one of the requirements and I must submit a copy. Well, it is a good thing I had another validated deposit slip on hand. It is really good to hang on to your copy.

In this Pesos Series

Banking in the Philippines is different from banking in the USA. Here are the links to previous posts in this series:

• How to deal with Financial Expectations and other Money Issues for Balikbayans

• Challenges in opening a Philippine Peso Bank Account if you are Based Abroad

• Claiming money from joint saving accounts when the other pass away

• Experience with Philippine Banks (not remittance centers) operating in the USA

• Lessons learned while opening peso accounts as a former Filipino

• Why you should have detailed SPA’s and other paperwork for Philippine banks

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