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For Example: Let's say John has a savings account with a bank. At the end of each month, the bank generates a statement of account for John which provides a summary of John's financial activities within that month. It includes details such as his account balance at the beginning and end of the month, deposits made, withdrawals, interest earned, fees charged, and any other transactions that occurred during that period.
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For Example: Let's say Sarah purchased a product from an online retailer using her credit card. However, when the product arrives, she realizes it is not as described and decides to return it. Sarah contacts the retailer and requests a refund. In this case, the retailer returns the purchase amount to Sarah's credit card account. The financial institution that issued Sarah's credit card then credits the refunded amount back to her account.
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For Example: When John receives his credit card statement with the total amount of charges, he is required to make a payment to the financial institution. By paying the charges, he settles his financial obligation and maintains a good standing with his credit card account. He can choose to pay the full statement balance or a minimum payment. If John pays the full balance, he clears all the charges. If he makes only the minimum payment, he carries forward the remaining balance, incurring interest charges on the unpaid amount.
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