I just noticed that AA has amended its language in the last few days, probably to clarify it [in case anyone wonders, the overwhelming evidence is that they *do* monitor these boards, although they choose not to contribute to them
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New version:
When you make a reservation by telephone or via aa.com for American Airlines flights (including American Airlines flights operated by codeshare partners), the reservation can be held and the fare quoted will be guaranteed for 24 hours or until 11:59 p.m. Central Time the following day, whichever allows you more time to purchase your ticket. Once payment is received, normal refund policies apply to the ticket. If you elect to make changes to the itinerary, the ticket price may change.
Old version (quoted in post above):
When you make a reservation by telephone or via aa.com for American Airlines flights (including American Airlines flights operated by codeshare partners), the reservation can be held and the fare quoted will be guaranteed for 24 hours or until 11:59 p.m. Central Time the following day, whichever allows you more time to purchase your ticket. If you elect to make changes to the itinerary within this timeframe, the ticket price may change and once payment is received, normal refund policies apply to the ticket.
So unless I read it wrong they don't have a 24-hour refund policy for those itineraries where the hold option is not offered, which would be in direct violation of US law/regulations.
Am I reading it wrong?