Error OLSU-1016

Thank you for using QuickBooks.  I am sorry you are running into this problem.

This error can be a couple of issues, it could be the account requires a special password that is provided by your bank or that the account you are trying to setup is not found (could be the account number was not right). It could also be that your bank requires a password change before being able to set up the account with QuickBooks. 

You bank will be able to tell you if it requires a special password of a first time usage password change. 

There are 2 different ways you can download transactions into QuickBooks.  One is called Direct Connect this method requires the password changes or special password.  It also requires that the account numbers are correct.  The second method is called Web Connect, this method does not require all the special password handling. They way this one works is you log into you banks website and while logged into your account you select the download option. 

It maybe easier for you to setup your bank account in QuickBooks as a Web Connect configuration.  The only problem is that your bank has to offer this type of connection.

I hope this helps, if it does please click the solved button. If you have further questions please reply to this post as I have subscribed to it.

I too have this OSLU-1016 error using QB 2010.  I spoke with PNC customer support and they said it is a QB problem.

Recently our local bank was bought/merged with PNC.  I deactivated the old online banking and then go through the setup for the PNC bank using Direct Connect.  Everything goes fine, asking for a password change, showing the account number/routing number that is retrieved from PNC.  The error comes after selecting the account and clicking next.  Here is exactly what is displayed:

Any help would be appreciated. 

TIA ,

Brian Enderle

I just got off the phone with a VERY helpful PNC service rep who got me through this error.

First off, I was attempting to setup my new bank account info under the old bank's info which won't work.  I had to start off by setting up a new bank account within QB.

I did however still get the OLSU-1016 error after doing this and was given the following instructions to get through the online banking setup.

After starting the online banking setup, hold down the CTRL key whenever you press the "Next", "Continue", "Select", etc. button as you progress thru the setup wizard (sorry, but I don't remember what each button was exactly).  Apparently this forces QB to do something with the requests and I was able to get past the OLSU-1016 error.

Hope this helps those with this error.

BrianKE's answer worked great (I am a former NCC now PNC customer too!) and I just wanted to clarify - keep holding down the CTRL key while QB connects and downloads transactions.  The first time, I just held CTRL while clicking Next, Sign on and it did not work.  Found you need to keep holding during connection.

Thank you BrianKE, after about an hour I came across this post and it worked for the customer.