Oddly enough, no refund has hit my bank for the amount refunded, and the website still claims I can pick up my GM badge.

I have a message in to customer service, but has anyone ever heard of this happening?

Did you purchase a badge before the GM badges were assigned?

I did and that is the badge that is being refunded. They processed it Thursday evening but refunds can always take a few days to hit your bank account. That time is based off of the bank, not the merchant.

Heh, now I got an email explaining everything, ulcer averted. Thanks!

We are currently refunding duplicate badges. So if you have a GM, Exhibitor, or other badges and a 4 day as well you can expect the 4 day to be refunded. Some duplicate badges are not refunded as you need both. 

The GenCon crew are a crack team of refund professionals!  Last year I got a badge for GMing and had a refund even before I got the notification that I got a GM badge!!

Just keep in mind, your housing is safe! 
You did not lose it! 
Take out your towel!
Do Not Panic!