Uly, welcome back!
When I worked for Boeing, they never used cotractions in documents and e-mail, even if a message isn't work-related.
Is contraction really used in formal documents?
This sentence looks like a formal written application...

Thank you, Sasha. I’m feeling much better. This looks to me like Nooro talking about his bank. No idea. Contractions are used everywhere except in extremely formal things like dissertations, contracts, business plans, business correspondence, etc.

But full forms also have a function. For instance, we use full forms where Russian uses все-таки:
“My wife told me to pack gloves in case it was cold in Chicago, and it is cold.” (=и все-таки холодно). This meaning would be lost if we used IT’S.

Yes, I remember your recent explanation with the stressed IS. We can also say "И ведь действительно холодно /И ведь холодно же/ Оно и правда холодно."