"We have received your refund request and it is being processed" generally means the following:
Confirmation of Receipt: The vendor or institution has acknowledged that you initiated a refund request.
Processing Initiated: The refund is now in the process of being handled by their system. This often involves several steps, such as verification, accounting procedures, and authorization for the payment to be sent back to you.
No Immediate Availability: While acknowledged, the funds are not yet available in your account. There's a waiting period while the processing is completed.
Potential Delays: The processing time can vary depending on the vendor's policies, payment method, and banking procedures. It's best to check their estimated timeframe or contact them if you have not received the funds within the stipulated time.
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