This is simply not true. My TDCT password is 32 characters long, and 8 of the 32 will not cut it. TDCT needs at LEAST 8 characters, one letter, one number, but no longer than 32 chars. I think some symbols are restricted.
I stand corrected. I just checked my "change password" option on TDCT and it now allows 8-32 characters. A year ago, this wasn't possible for my TDCT account as I distinctly remember the difference between the US and Canadian online banking experiences. I should read the fine print more often.