I don't want to be liable if one of my servers is hacked and someone's bank account gets accessed because of it.
Don't store user passwords in plaintext.
Don't store user passwords in plaintext.
However, it's still possible to do a dictionary attack on the database of hashes ("is the hash of "password" the same as the user's password hash? yes? Bingo!")
(Assuming you are concatenating it with a server-provided random value before the hashing.)
You'd be right to point out that this is a lot of silly acrobatics to go through to avoid a single SSL login page.