Quickbooks unable to verify financial institutions is one of the most prominent errors in the Quickbooks which appears when Bank ID is not fed properly in the Quickbooks.

Reasons for occurrence of Quickbooks unable to verify financial institution error are:
Older version of Quickbooks being used.
Improperly created .QBO file.
Quickbooks does not authorize your bank account or credit card company.

To resolve Quickbooks unable to verify financial institution error:
Open MS excel <2002 whoc you will see in the 20th line.
Save these changes.
Upload file in Quickbooks