A colleague is trying to see if he can rebook his flights as fares have dropped. When he goes to AC.com and clicks Cancel he gets these three options. The first number for the wallet represents what he paid originally for the ticket in full. The Refund seems to match the fare rules. For reference it's a family flying this Summer flight to Europe in Flex.

An agent is saying when he clicks the first box his wallet will show that but when he books a new flight that is when they will take away the change fee (~$1000 for all four PAX). That makes no sense to me as that is what happens for FTC but the wallet verbiage suggests he'll have that full amount. Anyone know what is right?