Why is my bank unable to import transactions?

This article covers the common situations that can cause bank connections to break. Read on to understand more about why your bank connection is not working and what to do next.

Wave partners with Plaid to import your transactions. Sometimes, Plaid may not be able to maintain a connection with your bank. When this happens, you’ll see an error message in Wave. There are a few reasons why connections break, but import issues usually indicate that your bank made a change to their website, and Plaid must make an adjustment to restore the connection.

Bank connections are available to businesses in the US and Canada. If you are located outside of North America, learn how to upload bank or credit card statements, or use our Google Sheets integration, Wave Connect.

Your bank’s website is down due to technical difficulties or maintenance

When a bank’s website goes down, Plaid is no longer able to import your transactions. You may see an accompanying error message on your bank’s website, but it’s also possible that certain parts of your bank’s site can go down without being immediately apparent.

For example, a bank’s website might be completely functional when you sign in to your account directly using their website or mobile app but not be accessible to third parties, like Plaid. In these cases, Plaid has to wait until your bank resolves any issues on its side before transactions can import again.

When this happens, the best thing to do is wait for Plaid to resolve the issue and for transactions to resume importing. If you prefer not to wait you can get your transactions into Wave by uploading a bank statement, or by using our Google Sheets integration, Wave Connect.

Your bank made updates to its security

Your bank may have changed its security processes behind the scenes, blocking third parties like Plaid from accessing transactions. In instances like this, Plaid will have to update its systems to comply with these new processes.

When this happens, the best thing to do is wait for Plaid to resolve the issue and transactions to resume importing. If you prefer not to wait you can get your transactions into Wave by uploading a bank statement, or by using our Google Sheets integration, Wave Connect.

Multi-factor authentication (MFA)

MFA refers to a login security measure that prompts you to verify your identity in addition to the use of a username and password. For example, after you log into your account on your bank’s website, you may be asked for a verification code you receive via a text message.

Plaid generally supports the use of MFA, but certain types of MFA are not supported. Different banks implement MFA in different ways. If your bank uses an unsupported method of MFA, Plaid will not be able to import your transactions. Unsupported MFA types are rare, and Plaid is continually working to support all possible MFA types.

When this happens, the best thing to do is wait for Plaid to resolve the issue and transactions to resume importing. If you prefer not to wait you can get your transactions into Wave by uploading a bank statement, or by using our Google Sheets integration, Wave Connect.

You must acknowledge a notification on your bank’s website

Your bank might notify you of changes or updates to your account using a banner, popup message, or other methods of communication on their website. These notifications can block Plaid from importing your transactions.

To resolve this issue, log in to your online banking portal at your bank’s website and acknowledge or clear the notification. Once you acknowledge any notifications, usually by clicking “OK” or closing the notification, Plaid can resume transaction imports.

If clearing the notifications did not resolve the issue, it means that there is some other issue with Plaid’s connection to your bank. The best thing to do is wait for Plaid to resolve the issue and transactions to resume importing. If you prefer not to wait you can get your transactions into Wave by uploading a bank statement, or by using our Google Sheets integration, Wave Connect.

Your bank is no longer supported by Plaid

In very rare cases, a previously supported bank may no longer be supported. Reasons for this vary but might include:

  • Your bank decided to prevent all third parties from accessing its data
  • Your bank made a fundamental change to its systems, making it too difficult for Plaid to access transaction data

Plaid will try to resolve any issues by working directly with the affected bank, but a resolution isn’t guaranteed. These situations will have different estimated resolution times because of the varied nature of the root causes. Wave cannot provide estimated resolution times or updates.

If your bank is not supported by Plaid, you can use an alternative method to upload transactions to Wave. Learn how to upload a statement or set up Wave Connect to get started.