Earlier quoted context omitted.
>Disallowing spaces is particularly annoying for a company with a strong security requirement, as passphrases are simultaneously far more secure and far more memorable than the monkey rules your validation demand. I just don't understand the logic behind some of these password rules. Wouldn't it require more effort to explicitly disallow certain characters? Like, they wrote code somewhere that is specifically making…
My understanding is that banks have these weird rules because of the legacy systems that they interface with. I've even heard of new systems built on top of old ones by writing an interface layer on top of the green-screen UI of the old system (i.e. automating the green-screen interaction / screen scraping).
Subsequently, NEMB got subsumed by successively larger banks, until, finally, Bsnk of America took over. Suddenly, my ATM card wouldn't work! It turned out that they had kept my full PIN on file through the whole chain of acquisitions, but only with B of A did they start comparing ATM PIN entry against the full PIN! My card still worked with the full PIN (which I still remembered, it being an old phone number).