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You'd think regulations would prohibit nonsense like that.

Have the same issue with my bank.. err credit union. You can't use any special character in the password.

Who comes up with these damn ideas when you are dealing people's money and information?

AMEX also has surprising restrictive passwords.

Is the security surrounding password resets so bad that it's more secure to force easier to remember passwords?

So does Discover. When I wouldn't take "just because" for an answer, IIRC the explanation was that it resulted in fewer password reset requests, so I believe your take is correct.

It's more likely to be cheaper: less support calls/emails.

The 2 banks I have to deal with online both require 5 characters. Fwiw, they at least lock your account after 3 wrong entries.

I still get mail from Bank Of America -- where I no longer have an account because their fraud department decided to stop paying my mortgage -- about someone trying to log into my account. About once a week. I could spam filter it but it reminds me not to go back.