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Steam has always allowed users to cancel their preorders, but getting your money back was a bit of a hassle. Over the weekend, Steam fixed this feature, and now users can automatically refund their canceled preorders with the press of the "Refund an Item" button.
The preorder amount is then deposited into the Steam Wallet, no matter how the user originally purchased the game. It's an equivalent of taking back an item to a store for store credit. You won't get the cash back on your credit or debit card, but you can use the funds to purchase something else.
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