ALERT - RESOLVED Error: QuickBooks is unable to verify the Financial Institution information for this download, when importing a webconnect file from Chase

AileneA · ‎June 21, 2021

Hello, krothe75.

Thank you for reaching out to the Community. Let me share some insight about the error you've encountered when trying to import the QBO file in QuickBooks. Generally, the error issue happens in two phases, first one if Bank ID is not correctly entered in QuickBooks and the second one if the Program is not able to recognize the ID code.

In case your QuickBooks is running to the earliest release of version normally about three years old, it will not import .QBO file, for sure. In that situation you have to either update QuickBooks to the latest version or maybe use Bank2IIF or CSV2IIF converters depending on the file you have and import as IIF file instead of .QBO file.
This can also take place if your bank account or credit card company is no longer authorized by QuickBooks. In such cases, you simply need to use Bank2QBO to create your QBO file from allowed financial institutions.
When the Web Connect file (.qbo file) is corrupt or QuickBooks unable to read the information written on web connect files
Maybe your financial institution doesn’t support the file you attempt to import in QuickBooks
When importing a wrong file, then also you get such an error as QuickBooks only accepts a .QBO file

Before Your Start Fixing “QuickBooks is Unable to Verify the Financial Institution” Problem, Remember the Following Points:

Create a backup of your company file in QuickBooks.
Make sure you are using an upgraded version of QuickBooks Desktop.
Update your Internet Explorer browser to the latest version.
Select the correct bank account.

Here are few different relevant ways for making the QuickBooks is Unable to Verify the Financial Institution error eliminate in a quick. Utilize by following the underneath provided troubleshooting methods:

Step 1: Open QuickBooks in Excel or Notepad and the Import

To do such thing very effectively, go through the given guidelines:

First of all, open your QuickBooks Online file in Excel or Notepad.
Then, go to the line 20 – <INTUIT.BID> 2002
Change the last 4-digits to 3000.
After changing it, save the file.
Now, finally upload the files in QuickBooks.

If you are still receiving QuickBooks is Unable to Verify the Financial Institution error, continue following the troubleshooting guidelines to obtain right solution.

Step 2: Download the Web Connect File Directly From Banks Website

If while importing the Web Connect file inside QuickBooks it throws an error, then try to import the file directly from banks website. Here are the following steps you need to perform for that:

First open your Bank’s website on Internet Explorer browser and then sing-in correctly to your bank’s website.
Now, find and download the .QBO file and save it on the desktop.
After that, in QuickBooks, open the “File” menu.
Then, go to Utilities > Import > Webconnect files.
Next, search the file and open it.
And then follow the instructions displayed on import wizard to complete the import of files.

If you see an error while downloading or importing the file, there may be an issue with your bank. In such case, you are suggested to reach out to your bank for help.
If you can import and see your transactions in QuickBooks, then reset your bank connection.

If you still confront an error QuickBooks is Unable to Verify the Financial Institution, move to the next step.

Step 3: Check the File From Your Bank

In this step, what you should do is to ensure that the file you downloaded from your bank is a .qbo file because this is the only file QuickBooks able to read during import. In case, you have a different type of file, then you are highly recommended to first sing-in to your bank’s website and then download such specific .QBO file. Once you get it, go back into your QuickBooks and then again try to import that file. This time, you may not receive QuickBooks is Unable to Verify the Financial Institution error message. But if yet the same error persists, move to the next step to fix it.

Step 4: Switch Banking Modes:

In QuickBooks, select the “Banking” menu.
Go to “Bank Feeds” and select “Change Bank Feeds Mode”.
In the Bank Feeds section, select “Classic mode”.
Then follow the steps to import the .qbo file in QuickBooks.

If yet, getting the same error, use next solution mentioned below.

Step 5: Create a Test File

First, you will have to create a test file and then check whether you can import your transactions into a new company file. Do the following:

First open QuickBooks, go to the File menu and then select “New Company”.
Choose “Express Start” option and fill out the required fields. Add the word “Test” to the company name so it’s easy to recognize.
In the newly created test company, try to import the .qbo file. Import the transactions into the same bank account you’re having issues within your main company file.

For more detailed steps, please refer to this article: Fix Web Connect import errors.

However, after completing all these afore-mentioned troubleshooting steps carefully in order to eradicate QuickBooks is Unable to Verify the Financial Institution, the problem yet unsolved.

Don’t worry! We have technical support for QuickBooks Customer Care. So, when you contact them, you will be properly directed to reach out the exact solution that you were looking for.

Reach out to me anytime if you have other QuickBooks concerns. I’ll jump right back in to help and make sure you’re taken care of. Take good care!

Fiat Lux - ASIA · ‎June 21, 2021

@krothe75

Utilize the trial version of this converter app to isolate the issue. If the same error persists, your bank is the problem.

https://www.moneythumb.com/?ref=110

vivia · ‎September 25, 2022

What about Capital One Bank???? i have had to go back and forth between Quickbooks support to Capital One Support but i still cannot download into QB Desktop Pro 2022!!! this is a quickbooks issue. that is who i bought this software from and i shouldn't have to spend so much of my time recontacting QB AND Capital One. I read this is an issue for QB with many banks.

JessT · ‎September 25, 2022

Thank you for joining in on the thread, vivia.

I see that you've been through a lot of steps to resolve your issue with connecting your Capital One account. I'd also share the same sentiment if this happens to me.

It's hard to conclude that QuickBooks Desktop is having an issue with Capital One bank. Yes, we may have clients who reported certain issues, but this doesn't mean everyone has the same concern. The issue could only be due to a specific error, only happening to a specific bank account type, happening in a certain region, an effect of the changes in the bank's server, etc.

If you've been contacting our Support team about a specific issue (error message, code, or incident), I assume they've already created a ticket so our engineers can investigate that issue further. That's what we normally do when the front-line agents cannot resolve an issue after trying all the necessary steps in our references. If they haven't mentioned about that, you'll want to contact them again or you can post the issue here so I can check it for you.

I'm just right here if you have other concerns.

mariaventigan · ‎June 07, 2023

I started getting the message of unable to verify the Financial institution information after my QB desktop was upgraded last week. I have Desktop Pro Plus 2022. I did a visual comparison of the last qbo file from Capital One with the current one. Both layout seem to match. To me, the only thing that changed is the QB desktop upgrade. Please advise.

Thanks,

Maria Ventigan

JessT · ‎June 07, 2023

Hi mariaventigan,

Thank you for joining the conversation and for doing a visual comparison.

I can see that my colleagues have already provided the basic troubleshooting steps and shared some references to fix the issue. Therefore, I'm going to route you to our QB Desktop Support at this point so this issue will be investigated further.

Go to Help, then select QuickBooks Desktop Help/Contact Us.
Select Contact Us.
Give a brief description of your issue, then select Continue.
Sign in to your Intuit account and select Continue and then Continue with my account.
We'll email you a single use code. Enter your code and select Continue.
Select to chat with us or Have us call you.

If you have other questions in mind, please don't hesitate to go back to this thread. Have a good one!

ShaneDossani · ‎October 20, 2023

Hi. Were you able to get a resolution to this problem ? I am having the same issue.

FateCandylaneT · ‎October 20, 2023

We want to ensure you'll able to get your online banking up and running in QuickBooks, Shane.

For us to provide you with a resolution, we want to make sure we've got the right information about your issue. May we know what specific financial institution you're having when importing WebConnect files to your QuickBooks data? What were the troubleshooting steps you've done so far to help rectify this error? You can also share screenshots for us to have a visual reference on your end.

Any additional details would be much appreciated, as this will help me verify to have a proper workaround for you.

We'll keep this thread open for any added information. Just keep us posted in the comments below, and we'll be sure to provide timely assistance. Keep safe.

ShaneDossani · ‎October 22, 2023

Hello, thank you for your response. Since you all stopped support for Quickbooks fro Mac 2020 desktop and sent an update for the program I am unable to import my quo file. It gives me ol-222 error, Please contact your financial institution. Upon contacting them they advised it was a quickbooks issue not financial institution issue. I understand you all not supporting any direct downloads from the bank but why stop us from being able to upload the web connect file ? I have followed your steps to correct the issue in your article from May 5th 2023 and that didn't work.

Adrian_A · ‎October 22, 2023

I appreciate you for getting back to us, Shane.

I'm here to share more information to answer your banking concerns.

Once QuickBooks Desktop is no longer supported, the web connect feature will be discontinued. Thus, you're unable to upload bank transactions. You can check this article to learn more: What does service discontinuation mean?

By installing the latest version of QuickBooks Desktop, you can import transactions, stay up-to-date with critical updates, and take advantage of other services. If you need assistance with the setup process, please don't hesitate to contact our phone agents who are ready to assist and walk you through the process.

Once everything's good, you can pin these articles in managing the uploaded entries:

I'm always around whenever you have concerns about importing transactions.

Fiat Lux - ASIA · ‎October 22, 2023

@ShaneDossani

We can share a workaround to explore. Contact me in private for details.

ShaneDossani · ‎October 22, 2023

This does not make any sense. I own the desktop version, the file is downloaded from the bank and imported to my desktop version. What you guys have done is disabled my software to where I cannot import the file. What right do you have to do that ? I paid for my desktop version which means I own it and you tampering with my software via updates and disabling the it to where I cannot import qbo files just to get me to upgrade to a newer version or move online is CRIMINAL. there should be a class action lawsuit against you guys for these tactics.

ShaneDossani · ‎October 22, 2023

Hi. I emailed you through your website. Don’t know how else to contact you.

ShaneDossani · ‎October 22, 2023

This does not make any sense. I own the desktop version, the file is downloaded from the bank and imported to my desktop version. What you guys have done is disabled my software to where I cannot import the file. What right do you have to do that ? I paid for my desktop version which means I own it and you tampering with my software via updates and disabling the it to where I cannot import qbo files just to get me to upgrade to a newer version or move online is CRIMINAL. there should be a class action lawsuit against you guys for these tactics.

ShaneDossani · ‎October 22, 2023

Hi. I emailed you via your website. Don’t know how else to contact you.

Fiat Lux - ASIA · ‎October 22, 2023

@ShaneDossani

My colleague has replied your email. Please check. Thanks

alisad70 · ‎October 27, 2023

As of yesterday's update for Quickbooks Desktop 2021 Accountant's version I got the error message:

"The account information downloaded by your Financial Institution Contains information that is not supported by Quickbooks...".

Please see the attached screenshot. This happened specifically when downloading from Chase. I don't have the problem with our Citicard accounts. I decided to deactivate Web Connect for the Chase account and tried to import it again but I'm still having the issue.

Please advise on how to resolve this.

Additionally I have to keep logging on to my Intuit account even though in preferences I've selected to keep me logged in for 90 days. How do I resolve this as well?

alisad70 · ‎October 27, 2023

Oh I'm also having this additional problem after the update yesterday when trying to run Quickbooks as administrator (rightclick Run as administrator...). Please see attached screenshot.

Ethel_A · ‎October 27, 2023

Hello there, @alisad70.

I'll help you resolve the error about the account information downloaded by your financial institution contains information that is not supported by QuickBooks.

When you get this error message, it is usually because of the account information downloaded from your financial institution contains data that is not compatible with QuickBooks. It could be due to various reasons, such as unsupported file formats or incompatible data structures. Thus, I recommend contacting your financial institution's customer care team. You can ask them about account information downloaded from your financial institution contains data that is not compatible with QuickBooks. It could be due to various reasons, such as unsupported file formats or incompatible data structures.

In the meantime, you can manually enter the transactions into QuickBooks. It can be time-consuming, but it ensures accurate data entry.

For your other concern where you keep on logging in even after selecting to keep your account logged in for 90 days, I recommend updating QuickBooks Desktop to the latest release.

Also, you can run the Verify and Rebuild tool. Verify Data tool will identify the data issues of your company file. Rebuild Data tool will resolve the data integrity issues collated by the Verify Data tool.

Here's how:

Go to the File menu.
Select Utilities.
Click Verify Data, then select OK to close all windows.
Then, go back to the File menu.
Select Rebuild Data under Utilities.
QuickBooks will ask to make a backup before rebuilding your company file.
Select OK.
Once done, click OK.

Once done and you still have the same issue, you can run the Quick Fix My Program from the QuickBooks Tool Hub. Follow the steps below.

In the QuickBooks Tool Hub, select Program Problems.
Select Quick Fix my Program.
Start QuickBooks Desktop and open your data file.

For future reference, you can click this link to watch the video about categorizing transactions in QuickBooks Desktop: How to categorize transactions and set rules in QuickBooks Desktop.

Let me know if you have questions about importing transactions to QuickBooks Desktop. I'm always here to help. Have a great day.

alisad70 · ‎October 27, 2023

Unfortunately that didn't work. I had already updated yesterday to the latest version. I did rebuild. Still have the issue that Quickbooks thinks there's another version running when I run as administrator. I hope there's a resolution soon.

SirielJeaB · ‎October 27, 2023

Thank you for reaching out and providing updates, @alisad70.

If you are using the Accountant edition, you can only open the same version (year) of Premier and Enterprise. Please make sure that there are no other instances of QuickBooks Desktop (QBDT) running on your computer.

Since the problem persists despite your troubleshooting efforts, I recommend contacting our QB Desktop Support. They can help investigate the root cause of the issue and provide further assistance.

Here's how:

Click on Help.
Choose QuickBooks Desktop Help.
Select Contact Us.
In the description field, enter your concern and hit Continue.
Click Message an agent.

Check out this reference to learn how to install multiple versions and editions of QuickBooks Desktop on one computer.

You are always welcome to post any QuickBooks-related questions in the Community. We are here to assist you 24/7. Take care!

alisad70 · ‎October 30, 2023

Thank you. I will reach out to tech support in the morning, but I should make clear I don't have 2 versions of Quickbooks on this computer because when I downloaded the new version of Quickbooks Desktop 2021 Accountants version on this new laptop last year a Quickbooks support staff member walked me through the installation because I was installing company files from backups on my previous computer which was no longer available and I was using Quickbooks Desktop 2021 Accountants version only on that computer as well as a Quickbooks support staff member helped me upgrade from QB Desktop 2018 Accountants version to 2021 and made sure I did not have a trace of 2018 left on that previous computer. This computer never had any version except for 2021 and it's the only computer I've been using Quickbooks on since last year so all the updates were done on this computer and this version.

alisad70 · ‎October 30, 2023

Hi,

I would also like to again bring up the issue with Chase credit card web connect downloads. I've contacted Chase to see what the next move was in correcting the web connect qbo credit card file issue. I was advised to manually download the credit card qbo file directly from Chase, however that is the only method I have ever used. Since I deactivated the online services in the QB credit card account, I would naturally need to have the qbo file downloaded to be able to double click on it and select the account I would want the data to go into which would be the deactivated credit card account in QB. When I asked Chase technical support to further advise, they told me to contact Quickbooks technical support which leads me to believe that both Chase and Quickbooks techs need to work out the resolution. I would like to know if you would know at your end if this collaboration has been initiated? Please let me know of the status. Thank you.

ReymondO · ‎October 30, 2023

Thank you for your response, @alisad70. I appreciate it. Let me provide you with insights on how QuickBooks handles issues with financial institutions.

When there is an issue with downloaded transactions, our engineers will investigate and determine whether the problem originates from QuickBooks or your bank. Once confirmed, they will proceed with a series of troubleshooting steps to resolve the problem.

Based on the error message you received, it appears that this specific issue hasn't been reported to us yet. Therefore, I recommend contacting our QuickBooks team, as you are still experiencing the same results even after manually importing your transactions into the program.

Here's how to connect with them:

Go to Help, then click QuickBooks Desktop Help/Contact Us.
Select Contact Us.
Give a brief description of your issue, then click Continue.
Sign in to your Intuit account and select Continue and then Continue with my account.
We'll email you a single use code. Enter your code and select Continue.
Choose to chat with us or Have us call you.

In case you encounter other error messages when importing Web Connect files into QuickBooks, you can check out this guide to fix them: Resolve Web Connect import errors.

If you have further questions about Chase credit card web connect downloads and QuickBooks, just let me know. I'd be glad to answer your queries in this thread. Take good care!

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