Valve have quietly released a Steam update that allows you to cancel preorders and receive a refund of the money spent. It doesn’t see the money returned to your bank account but rather transferred into your Steam wallet where it can be spent on other items and games in the Steam store.
“In what seems like another step in the right direction by Valve, it seems they have very recently implemented what seems to be a user controlled refund mechanism,” notes Steam User Donham. “It seems that any pre-order item a user has in their STORE TRANSACTIONS page, now has a link called Refund an item. The link looks like:http://store.steampowered.com/accoun...7890123456789/, whereby the 19 digits are different for each link.”
You still have to go through Valve to get a refund for a released game but this new preorder system allows you to instantly cancel an order and get your money back.
The money is refunded to your Steam wallet, not back to your bank account, so it’s not a straight up refund but it’s better than nothing. That money can be used to buy anything in the Steam store - other games, DLC, items in Valve games, and even trading cards.