I've lost count of folk that passworded a HDD and later can't get at the content. When asked if they had backup copies, they said no.
Those passwords may sound nice, until you ask how much to recover the data.
so i formatted my external without even thinking about it and deleted all the content it came with. I honestly don't even know what was on it other than the drivers. The name even changed under my computer once it was done. Does any of this even matter? It works fine and the password i put on it stayed.