This is based on Section 1.4 Chargeback Stages of the MasterCard Chargeback Guide.
Under no circumstances should the issuer, acquirer, merchant, or cardholder retain funds, goods, and/or services twice for the same transaction. For example, when an issuer has billed a transaction to its cardholder’s account for payment and then chooses to exercise a chargeback right, the issuer must credit the cardholder’s account for the amount of the chargeback. An issuer must not credit a cardholder twice because of a chargeback processed by the issuer and a refund processed by the merchant.
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