Resolve “QuickBooks is Unable to Verify the Financial Institution”

The most common term that you must be associated with when said ‘.QBO files’ is Web Connect Files. The main purpose of this file is to record online banking transactions and can be fetched by downloading from your bank’s respective website.

.QBO files once saved to your computer, can later be imported into the transactions for inputting in the bank feeds. Here’s where you would find the message “QuickBooks is unable to verify the Financial Institution Information for this download“.

This article will help you to fix unable to verify the Financial Institution Information error with the help of guiding steps.

About “QuickBooks is Unable to Verify the Financial Institution”

On QuickBooks, you are allowed to access along with managing records, company files, etc. However, at times, you might encounter few technical glitches which can be blissfully resolved as well. One of such errors is unable to verify the Financial Institution Information error. This typically arises when QuickBooks has been denied from accepting a particular Bank ID.

There will be a message which will show as “QuickBooks is unable to verify the Financial Institution Information for this download” when you would be trying to either import or download transactions from your restive bank.

There can be many reasons leading to the rise of the unable to verify the Financial Institution Information error. Scroll down further to understand a few of the vitals behind unable to verify the Financial Institution Information error to cause.

Reasons why QuickBooks is Unable to Verify the Financial Institution Information for this Download

There are a few of the significant reasons why does the unable to verify the Financial Institution Information error occur:

• If you are using QuickBooks which hasn’t been upgraded to its latest version, you would be unable to import .QBO files.
• QuickBooks is not permitting integration with your bank/financial institution/credit card/credit card company.
• .QBO file has not been downloaded properly or it might not be compatible with your existing QuickBooks’s version.
• Use of third-party applications while creating .QBO file from Excel/CSV.
• If the .QBO file has been downloaded from any American bank and imported to a Canadian QuickBooks version. If the same has been done vice versa, even in that case too unable to verify the Financial Institution Information error might occur.

How to Fix Unable to Verify the Financial Institution Information Error?

To fix unable to verify the Financial Institution Information error, there are technically five relevant troubleshooting methods that have been proven to be of help.

Let’s understand each one of them and map the respective steps involved for fix unable to verify the Financial Institution Information error.

Phase 1: Downloading The Web Connect

Step 1: Login to your respective bank’s website.

Step 2: Locate the web connect to file and download it.

Step 3: Open QuickBooks, Followed by the opening company file.

Step 4: Start importing the .QBO file by following the instructions popping up on the screen.

Step 5: If you still facing the same issue, get in touch with your bank.

Phase 2: Verify File From Bank

Step 1: Ensure that the file which you have downloaded from the bank’s site has the file format to that of a .QBO file.

Step 2: Hop on to the next phase if it’s a .QBO file. If not, you need to again login to your respective bank’s site and download the file .QBO format.

Phase 3: Reviewing Bank Notification

If your bank has undergone certain changes in how it supports the QuickBooks application, they must have notified you of the same. Login to your respective bank’s site and locate for such notification and get guided by the instructions. You might be prompted to verify your identity before accessing QuickBooks data.

Phase 4: Enabling Banking Mode

Step 1: Open QuickBooks.

Step 2: Choose Banking.

Step 3: Locate Bank Feeds and select Change Bank feeds mode.

Step 4: Choose Classic Mode (Register Mode).

Step 5: Follow instructions for importing .QBO file.

Phase 5: Creating Test File

(This is to ensure if you have some problems with the company file)

Step 1: Take your cursor on file and locate the company file.

Step 2: Select Express Start.

Step 3: Add the word TEST to the respective company file’s name so that it becomes easy for you to recognize.

Step 4: Import the .QBO file along with the transactions into the bank account on which you are encountering the problems with the company file.

Step 5: Check if you can import the file.

Step 6: Check if you can view the transactions in the company files. If yes, there must be some problem with the settings.

Now effortlessly solve the unable to verify the Financial Institution Information error like a pro!

If you still find difficulties in solving the unable to verify the Financial Institution Information error, or are stuck at some step, we are here for you.

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