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I think that some mechanism should be mandated where contractors can only deposit down payment money into a bank. Once the contractor orders material and commits to a date to begin the job, he can request a portion of the deposited money, and the consumer has to agree. This amount of money could then be put on hold, at the bank, until the day that the job starts.
Transfers no longer take more than a few minutes to appear between accounts. If a contractor’s credit rating is low, then this must be disclosed to the consumer and steps can be determined that ensure that the money deposited goes to the job it was intended for.
John Hume
Augusta