diff --git a/changelog/fix-7254-update-dispute-fee-text b/changelog/fix-7254-update-dispute-fee-text
new file mode 100644
index 00000000000..d0bf68420b2
--- /dev/null
+++ b/changelog/fix-7254-update-dispute-fee-text
@@ -0,0 +1,5 @@
+Significance: patch
+Type: fix
+Comment: Minor wording change on unreleased feature.
+
+
diff --git a/client/payment-details/dispute-details/dispute-awaiting-response-details.tsx b/client/payment-details/dispute-details/dispute-awaiting-response-details.tsx
index b7efafd7e51..0dc928dfe14 100644
--- a/client/payment-details/dispute-details/dispute-awaiting-response-details.tsx
+++ b/client/payment-details/dispute-details/dispute-awaiting-response-details.tsx
@@ -127,7 +127,7 @@ function getAcceptDisputeProps( dispute: Dispute ): AcceptDisputeProps {
 					sprintf(
 						/* translators: %s: dispute fee, <em>: emphasis HTML element. */
 						__(
-							'Accepting the dispute marks it as <em>Lost</em>. The disputed amount will be returned to the cardholder, with a %s dispute fee deducted from your account.',
+							'Accepting the dispute marks it as <em>Lost</em>. The disputed amount and the %s dispute fee will not be returned to you.',
 							'woocommerce-payments'
 						),
 						getDisputeFeeFormatted( dispute, true ) ?? '-'
diff --git a/client/payment-details/dispute-details/dispute-steps.tsx b/client/payment-details/dispute-details/dispute-steps.tsx
index e3695c381d3..a074b95ce6d 100644
--- a/client/payment-details/dispute-details/dispute-steps.tsx
+++ b/client/payment-details/dispute-details/dispute-steps.tsx
@@ -142,7 +142,7 @@ export const DisputeSteps: React.FC< Props > = ( {
 									content={ sprintf(
 										// Translators: %s is a formatted currency amount, eg $10.00.
 										__(
-											`Accepting this dispute will automatically close it. Your account will be charged a %s fee, and the disputed amount will be refunded to the cardholder.`,
+											`Accepting this dispute will automatically close it. The disputed amount and the %s dispute fee will not be returned to you.`,
 											'woocommerce-payments'
 										),
 										getDisputeFeeFormatted(