Wallet holds vs refunds
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Understanding the difference between a hold and a refund removes most wallet confusion.
Hold
When you join a deal your wallet shows a hold equal to tier 1 price times your units. The money is not spent, just reserved. You cannot use it for another deal while the hold is in place.
Holds are released when:
- You cancel before the deal locks (you get the full hold back)
- The deal locks at a lower tier than tier 1 (the difference between tier 1 and the locked tier is released to your wallet automatically)
- The deal fails to reach tier 1 by deadline (the full hold is released)
Refund
A refund happens when an order has already been charged and money needs to come back. Typical refund cases:
- The seller cannot fulfil
- A dispute is resolved in your favour
- An item is returned by agreement with the seller
Refunds land in your Cheaply wallet, not your bank account. From the wallet you can withdraw them.
When refunds reach the bank
If you want the refund in your bank account, withdraw from /wallet after KYC. Withdrawals typically settle within 1-2 business days.