Pensioners of the Government Service Insurance System (GSIS) now have the choice to receive their monthly pension and other benefits through a Land Bank ATM card, with the launch of the GSIS-Land Bank of the Philippines.
The GSIS signed a Memorandum of Agreement with Land Bank in December last year to allow its pensioners to take advantage of Land Bank’s extensive branch network nationwide.
As an additional servicing bank for GSIS old age and survivorship pensioners, Land Bank will open a savings account and provide automated teller machine services to GSIS pensioners.
Pensioners who choose to withdraw their monthly or accrued pension benefits as well as pension loan proceeds through a Land Bank ATM can now do so from the nearest Land Bank ATM, free of transaction fee.
Pensioners will have to pick up their Land Bank ATM cards from the designated Land Bank branch; ATM cards of non-ambulatory pensioners will be delivered by Land Bank personnel.
Those who choose to keep their existing savings account with the Union Bank of the Philippines can still use the GSIS eCard to withdraw the same from the nearest Union Bank ATM.
Both the Land Bank and Union Bank ATM cards may be used in any of the Megalink, Bancnet and Expressnet networks.
Regardless of whether pensioners choose Land Bank or Union Bank, they must still keep their GSIS eCard as this still retains its full features as an official GSIS ID, transactional and debit card (in Megalink-accredited commercial establishments), as well as avail themselves of the following discounts:
1. Up to 30-percent hospitalization discount from select GSIS partner-partner hospitals under the GSIS Hospitalization Support Program;
2. Up to 55-percent discount in select Pfizer medicines from leading drugstores;
3. 20-percent college tuition and miscellaneous discounts from any STI school.
‘This is part of the pension fund’s effort to provide closer and more responsive service to its more than 1.7 million members and pensioners,’ Robert G. Vergara, President and General Manager said.
‘We hope that by July this year, all the rest of our pensioners and our active members can widely use the Land Bank as facility for their loan transactions,’ Vergara added.