Can "set up SIM card lock" cause software problem?

[normnospam]

Greetings,
Droid 4, not rooted
drivers updated from Motorola website
Android 2.3.6
built ..6.5.1_167_DR4_1

I plan using the phone for work and banking.

Can "set up SIM card lock cause software device problem"?

I ask because the nice lady at the Verizon store said I "would become a frequent walk in at the store, and risk losing my info." She implied it was a problem with the phone, vs. user error.
I use the screen lock, and set the Data encryption to "protect the data on your phone or memory card."
I did some searching and read about quite a few mishaps with Sim card lock, but most seem to use/abuse of the phone.
Some problems stem from entering the wrong password at set up of Sim card lock

So my questions are:

Is this a redundant pass code with only a small benefit?
Are there software issues with the Droid 4/Android with this type of security?
At the first set up, do I use my unlock screen code, or do use the factory default Sim card?

I did go to My Verizon and get my Sim card PUK code(Personal Unlock Code). Just in case.


Thanks for looking.
Norm