Oh no, no it isn't and trust me you don't want to expose yourself to the terrors out there.This has got to be the most broken game out there....
When you request a Morrowind refund (or any refund for stuff you have on your account), ZOS has to log in on it and remove the refunded items manually. While they are logged in, you are getting this message.
If you haven't requested any refund and there is no investigation for your account going on, it's probably a bug.