Not when resetting your password requires physically going to the bank to sign a document and get it mailed to you after a week...

But yeah, it works in most cases.

seems like a reason to switch banks.

Don't all banks do this? Here in the UK it basically seems mandatory. Try to change your password/phone/email, they'll send you an actual letter which has a passcode you need to enter in to the website. Although mine took only a day to arrive.

No, (I'm also in the UK) I've changed a few recently-ish and in each case had only to answer some security questions and then receive a phone call/text message with a code to enter.

Except if you need to login to multiple devices (password resets usually log you out of all the places you're logged in)

Haven't ever thought of this, sounds genious. Only a lot of work on some occasions, then they require for resetting..