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Unable To Verify Financial Institution

Fix the QuickBooks error 'Unable to verify financial institution' when importing a QBO file from DocuClipper.

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QuickBooks Desktop shows "QuickBooks is unable to verify the Financial Institution information for this download" when the bank named inside the QBO file is not one it accepts Web Connect files from. The fix is to download the file again from DocuClipper with the right bank picked in the Bank field.

The Bank list in the download dialog holds the banks that QuickBooks Desktop currently accepts Web Connect files from, so any bank you pick there can be verified. If your bank is not in the list, pick Chase Web Download (US banks) or your Canadian bank's "(Canada)" entry, or BMO Bank of Montreal (Canada) with the currency set to CAD.

Why does QuickBooks say "Unable to verify Financial Institution"?

Every Web Connect (.qbo) file names the bank it comes from with an Intuit bank ID. QuickBooks Desktop looks that ID up in Intuit's list of financial institutions and only accepts the file when the bank is listed and offers Web Connect downloads. Banks change their QuickBooks setup over time: some retire their Web Connect service, others move to a new ID (for example a "QBDT" or "Web Connect" entry).

How to resolve the error

  1. Download the file again. In DocuClipper, click Download Data, choose QuickBooks (Web Connect), and search the Bank field for your bank. When a bank has several entries, pick the one marked "Web Connect", "WC" or "QBDT".
  2. Bank not listed? Choose Chase Web Download for a US bank. It is the generic option QuickBooks accepts for any checking, savings or credit card account; the transactions still go into the account you pick during the import.
  3. Canadian bank? Pick its "(Canada)" entry, or BMO Bank of Montreal (Canada), and set the currency to CAD.
  4. Import the new file. In QuickBooks Desktop, go to File > Utilities > Import > Web Connect Files.

A file downloaded with a bank QuickBooks no longer accepts is written with the Chase Web Download identity instead, so it imports.

The Download your data dialog with Output Format set to QuickBooks (Web Connect) and the Bank dropdown set to Chase Web Download, above the Account type, Routing number, Account number and Currency fields

If the error continues with a bank from the list, keep QuickBooks Desktop up to date (Help > Update QuickBooks Desktop): QuickBooks downloads Intuit's bank list with its updates, and an old copy may not know newer bank IDs.

Seeing this message in Quicken?

Quicken shows a similar message, "Quicken is currently unable to verify the financial institution information for this download", when importing a QFX file. The QFX download has no bank picker; the file always names a bank Quicken accepts Web Connect files from. The usual cause is the account you import into: import into an account that is not connected to a bank online, or let Quicken create a new account. See Import into Quicken (QFX) for every step.

FAQs

Why does QuickBooks say "Unable to verify Financial Institution"?

The bank ID in the QBO file is not one QuickBooks Desktop accepts Web Connect files from. QuickBooks looks the ID up in Intuit's list of banks before it imports.

How do I fix the error when re-downloading from DocuClipper?

Search the Bank field for your bank and pick the entry marked "Web Connect", "WC" or "QBDT" when there are several. Then download the file again and import it.

What should I pick if my US bank is not in the dropdown?

Choose Chase Web Download. It is the generic option QuickBooks accepts for any US bank, credit union or card.

What should I pick if my Canadian bank is not listed?

Choose BMO Bank of Montreal (Canada) and switch the currency to CAD.

Does this error mean my statement is unsupported?

No. The error is about the bank ID inside the QBO file, not about extraction. Your transactions are intact; only the bank in the download dialog needs to change.