Under the OLD system [which is still in place(?), but 24 refund runs parallel], the OP would have let the HOLD lapse--no issues with refunds.
In any event, the OP should file a complaint with DOT; AA should NOT require OP to go through hoops to get a monetary refund on a cancelled ticket.
It is "amazing" how fast merchants debit ones CC, but to get a refund could take 2 CC cycles.
(1)DL, from something I read on FT, credits CC for 24-hour cancellation very fast.^
(2)Amazon, credits your acct. even before receiving returned merchandise.^