OS X 10.7 / 10.8
When you change your NetID password, you also need to update the passwords saved for Mail, Calendar, and Address Book. Lion and Mountain Lion provide a one-stop solution for this.
If you have OS X 10.6 (Snow Leopard), you should instead use this procedure: Updating Your Exchange Credentials on OS X 10.6 (Snow Leopard)
1) Select “System Preferences…” from the Apple menu:
2) Click the “Mail, Contacts, & Calendars” icon:
3) Select your Exchange account from the list on the left, then click the “Details…” button:
4) Update your password, then click the “OK” button, and close the window:
5) Test Mail, Calendar, and Address Book, to be sure that all three programs can access your Exchange account.