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It can take a few minutes, to a few days. I've had one take three days before.
As long as you have the request in and don't log more game time, you shouldn't have to worry if it goes past the two weeks since purchase as they will go by the day you requested the refund.
If you go past four days, but are still with in the two weeks/two hours then you can cancel the refund and try again.
Did you reset your Steam Account password recently or change the email associated with your account, etc? Doing things like that will delay the approval of a refund to give the account owner time to recover their account if it was hijacked. That makes it more difficult for the hijacker to refund all recently bought games and use that money to send gifts to other accounts or buy an item from the Steam Community Market at a greatly inflated price to transfer the Steam Wallet money to another account.
A friend of mine had a 3-day delay on receiving a refund in order to buy a different version of the same game because he had recently changed the email associated with his Steam account.
If not, the delay may just be the combination of you requesting the refund on the weekend and/or an unusually high number of Steam Support tickets.
You can see the volume of recent Steam Support tickets here https://store.steampowered.com/stats/support
You can get to that page yourself by clicking STORE near the top left of the Steam client, selecting Stats from the drop-down menu, and then clicking on Steam Support Stats near the bottom right of the page.
I have seen posts from other Steam users say that when they requested a refund for a preordered game the usual way, it was wrongly rejected with the reason that it was bought more than 2 weeks ago.
If that happens to you, you will need to make a manual ticket to explain that you are asking for a refund for a preordered game within two weeks of its release day (and of course, with 2 hours or less runtime).
To make a manual ticket for a refund request:
Click on Help at the top left of the Steam client
Select Steam Support
Select Purchases
Select the game you want to refund from the list
Select I have a question about this purchase
Provide details about the issues you are having with the game and/or refund (that you meet the requirements for refunding a preordered game, but the automatic refund system denied you), and ask for a refund.
Sometimes the purchase date of a preorder is too long ago for Valve to be able to refund to the original payment method, so then the refund will go to your Steam Wallet instead.
this is how i always tried to refund, how does the automated refund work? lol
I once requested refunds for two different games at the same time.
One game was refunded within minutes.
One game was refunded nearly 24 hours later.
It can vary.