QuickBooks allows you to access and manage your company file, manage records etc. With QuickBooks you can manage accounts without any sweat. You can easily manage your computers and suppliers at one place.  But, sometimes working with QuickBooks can become difficult due to occurrence of certain  errors. For instance, you may see a message when you try to download or import transactions from your bank.

QuickBooks Unable to verify Financial institution

The message reads “QuickBooks found an error. We can’t read the file {Your financial institution} sent”. Or it may also show “An error occurred while processing your online Banking Data”.  

What can be the reasons for occurrence of this error?

  • It can be a web connect issue. 
  • Files from the bank are incomplete. 
  • Bank files are in the wrong format. 
  • Certain changes on your bank’s end can also result in these issues.

To fix this, you can try these troubleshooting:

Step 1: Download the web connect:

  • For this, you have to first sign into the Bank’s website. 
  • From here, you need to find  the web connect file and then download this file (.qbo file).
  • Now, you will have to open the QuickBooks and then open the company file.
  • Next, you will have to follow the on-screen steps to import the .qbo file. 
  • If you still see the issues, you need to contact your bank.

Step 2: Check the file from your bank. 

  • First of all you will have to make sure that the file you downloaded from the bank is a .qbo file. Since this is the only type of file web connect can read. 
  • If this file is downloaded then you have to move to solution 3. 
  • If this file is different, then you have to sign into your bank’s website and then download a .qbo file.

Step 3: Review the notification from your bank. 

  • Check your bank’s website. 
  • If your bank has changed the way to support QuickBooks desktop, they will be notifying you. So, you have to sign into your bank’s website and see for the notifications and follow the instructions. 
  • Check your bank’s website for verification requests. 
  • Some of the banks may ask to verify your identity before they access your QuickBooks’ data. 
  • Step 4: Switching banking mode. 
  • You need to reach to the QuickBooks, and then select the Banking menu. 
  • Next, you need to reach the Bank feeds option, and then choose the option of ‘Change Bank feeds mode.
  • Now you will have to choose the option of ‘Classic Mode’ (Register mode).
  • And, then you have to follow the steps to import the .qbo file. 

Step 5: Create a test file. 

  • You need to first see if there is some issue with the company file.
  • For this, you need to hover the file menu and then you can reach the company file. 
  • Now you have to choose ‘Express Start’ or start up and then you have  to fill out the required fields. 
  • You have to add the word ‘TEST’ to this company file’s name to recognize the file easily. 
  • In this test company, you have to import the .qbo file. Also, you have to import the transactions into the Same bank account in which you are facing the issues in the company file. 
  • If you can import the file. 
  • If you are able to see the transaction in the company file then there are some issues in the settings. So, you have to reach the original company file and then reset them. 
  • First, you will have to open your company file and then follow the steps to disconnect the account in which you are having problems. 
  • Now, you have to reconnect the account. Once the reconnect account process is done, then you need to import  .qbo file again. 

If you are not able to import the file. 

If you cannot see any transactions in the company file, then probably the issue is in the .qbo file from your bank. 

You need to contact the Bank for help. Bank would help you to handle these types of issues. 

While working on the Quickbooks you may see a popup “Quickbooks unable to verify financial institution information for this download. Please try again”.This issue is usually encountered when Quickbooks is not able to accept the specific bank ID. 

What can be the probable reasons for Quickbooks unable to verify financial institution error?

  • The Quickbooks copy is older than three years. 
  • Quickbooks no longer authorize your bank account or credit card company. 
  • .QBO file might not be created properly. 
  • .QBO file was built from third party software. 

What are the ways to resolve Quickbooks unable to verify financial institution error?

Method 1: By opening the file in excel or notepad.

  • You need to open the Quickbooks online file on MS excel or notepad.
  •  You have to browse to the <INTUIT.BID>2002.
  • You have to change the last four digits to 3000. 
  • Make sure to save the file so as to preserve the changes. 
  • Finally, upload the file to Quickbooks. 

Tentative solution: 

  • You have to find the ‘fidir.txt’ file in the first folder. 
  • Then, open this file with the notepad. 
  • You need to open the C:\ProgramsData\Intuit\Quickbooks20XX\Components\OLB\branding\filsit. 
  • You need to find the bank’ name and you will see 4 sets of numbers like this – “XXXXXXXXXXXXXXXXXXX”.
  • Pen down these numbers. 
  • Search for <FID>, <BANKID>  after opening the .QBO with notepad.
  • You have to change the number which lies next to the characters with the number ‘FIDIR’.
  • Save these changes.
  • Then, you have to open the company file and import it. 

These troubleshooting would have fixed QuickBooks unable to verify financial institution error. If you are still facing any issues, you can call QBS Solved at +1(888) 910 1619 and our team of technical support will help you to fix  this issue. 

Also Read:
QuickBooks Tool Hub
Fix company file and network issues with QuickBooks File Doctor

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How to RESOLVED Error: QuickBooks Unable to verify Financial institution
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How to RESOLVED Error: QuickBooks Unable to verify Financial institution
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QuickBooks found an error. We can’t read the file {Your financial institution} sent”. Or it may also show “An error occurred while processing your online Banking Data. These troubleshooting would have fixed QuickBooks Unable to verify Financial institution error. If you are still facing any issues, you can call QBS Solved at +1(888) 910 1619 and our team of technical support will help you to fix this issue.
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