Error: Username or password is invalid when connecting to Online Banking in QuickBooks

In QuickBooks Desktop for Mac, when you change your Online Banking password then try to connect, you get this error message:

Username or password is invalid.

This happens when Add password to Keychain is enabled during the initial Online Banking setup. QuickBooks attempts to use a previously saved password when it connects to Online Banking.

To resolve the issue, you need to delete the previously saved password and re-launch Online Banking.

To update your password for QuickBooks Online Banking

1. On your desktop, double-click the Macintosh HD icon.
2. Go to Application then select Utilities.
3. Select Keychain Access.
4. Search for your Online Banking password then select Delete.
5. Close then reopen your company file.
6. Go to Download transaction then select Download all.
7. When you are given the option to enter your password, type your current password. QuickBooks will connect to your bank and download transactions.

To reset your Keychain Access password

1. On your desktop, double-click the Mac HD icon.
2. Select the Application folder then choose Utilities.
3. Open Keychain Access then select Edit.
4. Select Change Password for Keychain login.
5. Enter your current Keychain password in the top box.
6. Enter your new password in the 2nd box and 3rd box.
7. Select OK.