Why hasn't my approved Apple refund been credited to my account?

This is frustrating, my refund request was approved and it's been over a month now, yet I haven't received the amount that was refunded. I already called my financial institution but they have got no clue where should the money come from and that my account has not received anything from apple. Not one second you get charged instantly but when it comes to refund it takes more than a month? No wonder a lot prefers android when it comes to subscriptions.

[Re-Titled by Moderator]