I am having the same issue with Westjet for a ticket Calgary to London. They are only giving travel bank credit. Currently have a complaint in with the CTA (who have conveniently suspended all investigations until June) and with Mastercard. I have had significant communication with Westjet including senior people in customer service. The answer was a polite forget it - despite their own terms of service explicitly stating they refund if they cancel. I am very angry at them. I am not a shareholder, not a bond holder and this is just a forced loan. If my credit card company does not confirm the refund then I will take them to small claims court.
What I will not do is ever fly with them (or Air Canada due to them having the same policy) again. Period. I go to Seoul and to the UK about once a year for professional conferences. From now on I will be happy to pay more to fly with an airline that is not a bully so that means KLM (or BA if they come back to YYC) to Europe and driving to Vancouver to fly direct to Seoul.
Maybe it is only a few people who will do this, which is unfortunate that so many are sheeple, but airlines must learn to respect passengers. Those who treat peope with respect will come out a little ahead. Maybe only a little, but a little.
(And as a side note, my three hotels in the UK for my trip have already refunded my money)
TME