Refund from Valve/Steam "denied" when sending to bank. Now funds are MIA

[Temp20220819D]

I bought a crappy game via Steam, and requested a refund right away. It was approved. I've attached three images(screenshots) of each transaction involved.

1) payment to Valve

2) Refund to PayPal

3) Send to Bank

I notice the "The payment was refunded before it was debited from your account" message.  My gut is telling me this is correlated.

As of now, the funds are MIA. No trace of it in my bank's log, and no balance at PayPal either.

[kernowlass]

@Temp20220819D 

If you funded the payment to the seller using bank transfer. What PayPal do here is credit the recipient on your behalf (so there is no delay in despatching your item). Then if you receive a refund in the meantime they are unable to issue this until the original bank transfer completes.