Cashier Passwords

Has anyone ever actually looked into the security of cashier passwords? I'm no cryptanalyst, but I don't even think it is even considered a cryptographic hash algorithm. It seems to be at least somewhat reversible, as RMS manager shows the length of the users password using asterisks. I've never seen the resulting 'hash value' (whether it actually is one or not is debatable) before, which leads me to believe it is some proprietary algorithm that probably has significant weaknesses. As of now, I feel that this is barely a step above plain text. Does anyone have a differing (or agreeing) opinion on this?

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