What is Bread4Scrap?
This article will explain what Bread4Scrap is, why it was introduced, how it works and how it benefits customers who sell their scrap metal to dealers. Here with Hill Metal Recycling we have put together a guide of all you need to know about the process.
What is Bread4Scrap?
Cash for metal was banned in recent years, so Bread4Scrap was invented. You can pick up a bread prepaid mastercard, instead of cash in hand – as a way to payment for scrap. This way all metal transaction complies with the law and can be back tracked.
- You must complete a Know Your Customer (KYC) check and be over 18 to apply.
- What is a prepaid card? This Bread4Scrap Mastercard® looks just like your normal debit card, and you must have money on it in order to spend the funds. This is in no way linked to your credit or debit card.
- How can I get money onto it? When you supply metal to a dealer, they will load your card with a payment that the metal is worth. The maximum you can have on your card in one given year is £75,000, depending on the value of your scrap of course. It is important to note that you can only hold £5000 at any one time.
- How quickly is the money transferred? As soon as your card is loaded, you will receive a text instantly – this money can then be used.
- Can I withdraw money? Yes you may take out £1000 a day with up to £300 in each transaction. However you can spend all your available balance using the card.
- Does it cost you anything? In the UK, withdrawal from an ATM will cost £1.50, this differs in other currencies.
- Can you check your balance? Anytime your card is topped up, a text is sent to update you with your new balance. However if you wish to check in between you can text ‘BALANCE’ to 80800 along with the 9 numbers situated on the front of your card.
Why was metal for cash banned?
The reason for cash in hand being banned, was due to the sheer amount of metal theft. Across the UK metal theft became a huge problem costing the economy around £220 million a year, not to mention thieves were ruining precious war memorials, church roofs, destroying or removing statues and even taking manhole covers; just to name a few! All due to the rise in metal value, with a law now in place to reduce this crime, Bread4Scrap offers a legitimate solution to put a stop to theft and deals regarding stolen scrap metal.
Based in Essex, Hill Metal Recycling have a team of friendly experts that provide each and every customer with exemplary services including, scrap metal solutions, cable recycling, scrap car collection and depollution. If you would like more information or would like to organise a drop off or collection, please give us a call or email us today!