When a reservation is cancelled the same day it was booked, funds for the airline portion are not collected. Any pending charges you may have seen would have been a "pending hold" for verification. These funds will return to your available credit and will not reflect as a refund. This process normally takes from 3-7 business days, depending on your banking institutions procedures. Please note: Some prepaid credit card companies will hold pending authorizations for up to 30 days.
If the airline rules allow for cancellation the day after booking, funds for the airline portion will be refunded within 7-14 business days. It will depend upon the airline(s) and your banking institution's policies. At times the refund will post before the charge is processed or may not appear on your current statement. Please contact your bank to verify the refund was received.