How to resolve QuickBooks Unable to Verify Financial Institution?

QuickBooks is a popular choice amongst accounting software with user-friendly features, ease of use and top-notch technology. However, sometimes rare errors cause unwanted interruptions that disrupt the work-pace. One such issue comes while importing ‘.QBO file’ into QuickBooks with an abrupt message saying ‘QuickBooks is unable to verify financial institution information for this download’.

Generally, the error happens when QuickBooks does not accept a specific bank ID. There might be several other reasons that might give you this error, and this blog will tell you the possible causes and solutions to tackle this error with ease.

Reasons for QuickBooks Unable to Verify Financial Institution Issue

1. QuickBooks no longer allows or recognizes your Bank or Credit Card Company.
2. ‘.QBO’ file is not correctly created or is not ready for your QuickBooks version. The banks and Credit card companies make ‘.QBO’ files differently. Moreover, QBO files are extended OFX Files with some differences. So, QBO file might follow OFX specification however is not acceptable for QuickBooks.
3. You are trying to import QBO file from a US bank to a QuickBooks Canadian edition or vice-versa.
4. The .QBO file was made from CSV or Excel file by third-party
5. A QuickBooks copy more than three years old will not QBO files. You need to either update to a newer version or use Bank to IIF OR CSV to IIF converters as per the file type.

How to open the QBO file in Excel/Notepad?

It is recommended to open QBO file in Excel or Notepad before importing QBO into QuickBooks. Follow the below steps to complete this process.

• Open file in Excel or Notepad
• Now, Go to line 20, <Intuit.bid> 2002
• Change the last four digits to 3000
• Next, save the file
• Now upload the file in QuickBooks.

In the next section, we will understand how to resolve the issue immediately through some easy solutions.

Note: You can keep changing the affected Bank ID number in QuickBooks Online to any other known or recognized QuickBooks Number.

How to fix QuickBooks Unable To Verify Financial Institution error?

Below given is a temporary fix for this error. Let’s have a quick look at it.

Look for the fidir.txt file. The file is available in the folder that is placed first.

Run the file in the ‘Notepad.’

Windows 8/7/ Vista users

Browse to this path- C:\ProgramData\ intuit\ Quickbooks 20XX\components\ OLB\branding\filist

Windows XP users

Browse to this path- C: \Documents & settings\ All users\ Application data\intuit\QuickBooks 20XX\components\OLB\ branding\ filist.

• Look for the bank’s name MB financial, and see the four sets of numbers. Such as ‘XXXX XXXXXXXXXXXX’. Note these numbers.
• On the notepad, Open QBO and search <FID>, <BANKID>or <BID>& then change the numbers alongside the characters with the number present in the FIDIR. Save changes as ‘.QBO’
• Now open the Company file & import it.

The above solution is a temporary solution to correct the issue ‘QuickBooks is unable to verify the financial institution.’ It should solve the problem in most cases though temporarily. If you are looking for a permanent solution, get in touch with a technical expert at QuickBooks Technical support number 1.855.365.6O12.