My bank restricts the length of my password to...16 characters, I think.

Darren Kitchen from Hak5 has an amusing story about a bank teller who assured him email was entirely fine to send sPII through. "No sir, you just need to send it to us, and once we have your information then it'll be secure." No encryption. So, yes.

Also look into the Equifax security breach. Un-patched software for months.

It makes almost no sense to have a password length limit. 1_000_000, that's One Million, characters is equal to 1MiB. That's twice the length of the Lord of the Rings Trilogy and much less than most modern webpages. After hashing, which is how passwords should be stored, text length is irrelevant. All hashed inputs come out the exact same length. 65 characters for SHA256.

Very much known for their horrible security practices, yes. Absolutely.

Absolutely. They are entrenched in their regulations so much that it takes forever to change things.

Years ago, I had an account at an american big4 bank with an 8 character password and was going through and making all my passwords unique. I was changing everything to random strings of 20-30 characters (this isnt the best practice, btw, but still better than 8chars), so when I get to this bank account it capped me at 15chars. I couldnt believe the forced low entropy they gave me for something as vital as a bank account.

I asked them why, and basically they said their system would break with anything over 15chars.

Who do you think makes the decisions for a bank?

The person writing the Android app?

Or the person who just wants customers to be able to access the app and use the services?