QuickBooks is unable to verify Financial institution

Published On - June 3, 2021

Diana QuickBooks Enterprise Solutions
QuickBooks is Unable to Verify the Financial Institution Error

Quickbooks helps all small and medium sized businesses in their accounting tasks and also helps in maintaining the company files and records etc. However at times, you may face an issue where Quickbooks is unable to verify Financial institution Error. And, this happens when Bank ID is not properly entered or if the program does not recognize the ID code. 

What is Quickbooks is unable to verify Financial institution Error?

  • When .QBO file is imported in Quickbooks,, there you might see a message that ‘Quickbooks unable to verify Financial institution for this download’. Some of the possible cases when you see these messages are:
  • If Quickbooks is almost three years old then it will not be able to import .QBO. It will then require you to update Quickbooks to the latest release or you can use Bank2IIF or CSV@IIF converters. 
  • If your bank account or credit card company is no longer authorized by Quickbooks. In this case you can use Bank2QBO. 
  • When .QBO file is not created properly or it might not be ready for Quickbooks version. Some banks use OFX extensions to create company files but these have small variations from .QBO. Also, different Quickbooks versions have slight differences in needs of good QBO files. 
  • .QBO file would have been built from CSV or excel by the third party software. 

Some of the ways to fix QuickBooks is unable to verify the Financial institution Error:

 You can fix this error by the below given steps: 

  •  First, open the Quickbooks online file in Excel or in the notepad. 
  • You have to select the tab of ‘20-<INTUIT.BID>2002’.
  • Now you have to change the last four digits to 3000.
  • Then save this file and click Upload file in Quickbooks. 

Tentative Solution for Quickbooks is unable to verify Financial institution:

For a quicker solution, you have to find fidir.txt and open this file with the notepad. 

  •    For MS windows Vista 7 or 8, you have to open C:ProgramData\Intuit\Quickbooks20XX\Components\OLB\branding\filist. 
  • In case of window XP, please open ‘C:\Documents and settings\ All Users\Application Data\Intuti\Quickbooks20XX\Componenets\OLB\Branding\filist. 
  • Then you have to find the bank’s name ‘MB Financial’, here you will see sets of numbers, looking like – XXXXXXXXXXXXXXXXXXXXXX, and make a note of these numbers. 
  • Now you need to file .QBO with the notepad and look for <FID>, BANKID> or <BID> and then change the number next to characters with the number which is given in FIDIR and now save these changes as .QBO. 

You must now be able to fix Quickbooks unable to verify Financial institution errors. If you are facing any issues in resolving Quickbooks is unable to verify Financial institution  error, you can reach out to Quickbooks Enterprises support at +1-888-485-0289