Exactly.
In 2010, the Georgia Tech Research Institute developed a method of using GPGPU to crack passwords much faster.[2] As of 2011, commercial products are available that claim the ability to test up to 2,800,000,000 passwords per second on a standard desktop computer using a high-end graphics processor.[3] Such a device can crack a 10 letter single-case password in one day.
You would hope that after a few attempts they would lock your account and require you to call in to reactivate.
However, longer passwords do help with security, but increasing the odds of a wrong password being guessed in the attack. If you had a 1 character alphabetical lower class password than there is a 1 in 26 chance of being guessed randomly on the first attempt. If your password was still alphabetical only, but 10 characters then there is a 1 in 1.41167096 × 10 to the 14th power chance of it being guessed randomly on the first try.
Ideally you would pair a strong password (I like pass phrases of a few words after reading this
http://xkcd.com/936/ ) with strong rules on account timeouts and locking.
I'd also worry that if they are that easy on password requirements that they might not be secure on the back end. What if your information is stored as plain text? Or weakly encrypted without a salt, etc.