Refund on hold - Is seller lying to me?

[knoxyuk]

Hey guys 🙂

I recently purcahsed something and through an error of mine I decided to cancel the item. The seller was MORE than happy to give a refund and within an hour of buying/paying for the item they issued a refund. However, it says it's on hold. 😞 I contacted them and they said that the refund would be back in my account within 48  hours (That was the 28th). Iit's still on hold..  Are theyjust saying this?
Thanks for any help you can give :).

[kernowlass]

Refund on Temporary Hold.

This arises because your seller has refunded you before your initial payment to them has cleared from your bank to PayPal.

When you sent your payment, the money is not instantly transferred from your bank account to the recipient’s PayPal account. Instead paypal instantly credit the recipient's PayPal account on your behalf and simultaneously request the same amount from your bank account to reimburse themselves.

It takes 5-7 business days for the money to arrive from your bank to PayPal (same timeframe and method as an eCheque in fact). If your Instant Bank Transfer is refunded, this refund cannot be completed until paypal receive the money from your bank to cover the original payment paypal made.

A ‘Temporary Hold’ is ‘Placed’ on your refund while your bank processes your initial transfer request. When paypal receive the money from your bank, it will be credited to your PayPal balance.