How to fix "QuickBooks is unable to verify the financial institution"

When you import a .QBO file into QuickBooks, you may receive the following message “QuickBooks is unable to verify the financial institution information for this download”.

What does the error message "Unable to Verify the Financial Institution" mean?

QuickBooks is unable to verify the financial institution information for this download

Why would QuickBooks give such a message? Follow the following steps to figure out the reason and fix the issue:

Step 1: Check if you have discontinued Quickbooks version

If your QuickBooks copy is three years old (for example, for current 2023, QuickBooks 2020 or earlier (or QuickBooks enterprise 20 or earlier), it will not import the .QBO files.

Solution (one of below):

Update Quickbooks and import the QBO file again
Use the ProperConvert app to convert the QBO file to an IIF file and import the IIF file instead

Step 2: Your financial institution is no longer "allowed"

Your bank or credit card company (a financial institution) is no longer allowed by Quickbooks

Solution: Use the ProperConvert app to change INTU.BID to "allowed" financial institution value (for example. INTU.BID 3000) and create a new QBO file

Step 3: The QBO file was created incorrectly by your financial institution or a third-party app

Your .QBO file was not created correctly or “not ready” for your QuickBooks version. Banks and credit card companies create the .QBO files differently. QBO files are extended OFX files (QBO is also called QuickBooks OFX), but there some small but important differences between QBO and OFX files. QBO file may follow OFX specification but is not acceptable for QuickBooks. In addition, different QuickBooks versions have slightly different requirements for “good” QBO files.

If you used a third-party app to convert a CSV or PDF file to QBO, this QBO file may incorrect structure.

Solution: Use the ProperConvert app to open a non-working QBO file from your financial institution and convert it to a new correct and importable QBO file.

Step 4: The QBO file is for Quickbooks for another country edition

If you have Quickbooks Canadian vs UK vs USA edition, the QBO file may have incorrect settings the make it incompatible with your Quickbooks version/edition.

Solution: Use the ProperConvert app to correct QBO file's financial institution and currency and convert it to a new QBO file.