diff --git a/src/CONST.js b/src/CONST.js
index d340757cd11e..d791e9607a37 100755
--- a/src/CONST.js
+++ b/src/CONST.js
@@ -431,6 +431,12 @@ const CONST = {
             UNEXPECTED: 'Unexpected error',
             MISSING_FIELD: 'Missing required additional details fields',
             UNABLE_TO_VERIFY: 'Unable to verify identity',
+            NO_ACCOUNT_TO_LINK: '405 No account to link to wallet',
+            INVALID_WALLET: '405 Invalid wallet account',
+            NOT_OWNER_OF_BANK_ACCOUNT: '401 Wallet owner does not own linked bank account',
+            INVALID_BANK_ACCOUNT: '405 Attempting to link an invalid bank account to a wallet',
+            NOT_OWNER_OF_FUND: '401 Wallet owner does not own linked fund',
+            INVALID_FUND: '405 Attempting to link an invalid fund to a wallet',
         },
         STEP: {
             ONFIDO: 'OnfidoStep',
diff --git a/src/languages/en.js b/src/languages/en.js
index 2e1deb369b4e..7fa05a7425c0 100755
--- a/src/languages/en.js
+++ b/src/languages/en.js
@@ -98,6 +98,7 @@ export default {
         enterManually: 'Enter it manually',
         message: 'Message ',
         leaveRoom: 'Leave room',
+        conciergeHelp: 'Please reach out to Concierge for help.',
     },
     attachmentPicker: {
         cameraPermissionRequired: 'Camera permission required',
@@ -357,7 +358,6 @@ export default {
         paymentMethodsTitle: 'Payment methods',
         setDefaultConfirmation: 'Make default payment method',
         setDefaultSuccess: 'Default payment method set!',
-        setDefaultFailure: 'Failed to set default payment method.',
         deleteAccount: 'Delete Account',
         deleteConfirmation: 'Are you sure that you want to delete this account?',
         deleteBankAccountSuccess: 'Bank account successfully deleted',
@@ -366,6 +366,12 @@ export default {
         allSet: 'All Set!',
         transferConfirmText: ({amount}) => `${amount} will hit your account shortly!`,
         gotIt: 'Got it, Thanks!',
+        error: {
+            notOwnerOfBankAccount: 'There was an error setting this bank account as your default payment method.',
+            invalidBankAccount: 'This bank account is temporarily suspended.',
+            notOwnerOfFund: 'There was an error setting this card as your default payment method.',
+            setDefaultFailure: 'Something went wrong. Please chat with Concierge for further assistance.',
+        },
     },
     transferAmountPage: {
         transfer: ({amount}) => `Transfer${amount ? ` ${amount}` : ''}`,
diff --git a/src/languages/es.js b/src/languages/es.js
index 93211173aa18..5b24c1a0ff4d 100644
--- a/src/languages/es.js
+++ b/src/languages/es.js
@@ -98,6 +98,7 @@ export default {
         enterManually: 'Ingresar manualmente',
         message: 'Chatear con ',
         leaveRoom: 'Salir de la sala de chat',
+        conciergeHelp: 'Por favor contacta con Concierge para obtener ayuda.',
     },
     attachmentPicker: {
         cameraPermissionRequired: 'Se necesita permiso para usar la cámara',
@@ -357,7 +358,6 @@ export default {
         paymentMethodsTitle: 'Métodos de pago',
         setDefaultConfirmation: 'Marcar como método de pago predeterminado',
         setDefaultSuccess: 'Método de pago configurado',
-        setDefaultFailure: 'No se ha podido configurar el método de pago.',
         deleteAccount: 'Eliminar cuenta',
         deleteConfirmation: '¿Estás seguro de que quieres eliminar esta cuenta?',
         deleteBankAccountSuccess: 'Cuenta bancaria eliminada correctamente',
@@ -366,6 +366,12 @@ export default {
         allSet: 'Todo listo!',
         transferConfirmText: ({amount}) => `${amount} llegará a tu cuenta en breve!`,
         gotIt: 'Gracias!',
+        error: {
+            notOwnerOfBankAccount: 'Ha ocurrido un error al establecer esta cuenta bancaria como tu método de pago predeterminado.',
+            invalidBankAccount: 'Esta cuenta bancaria está temporalmente suspendida.',
+            notOwnerOfFund: 'Ha ocurrido un error al establecer esta tarjeta de crédito como tu método de pago predeterminado.',
+            setDefaultFailure: 'No se ha podido configurar el método de pago.',
+        },
     },
     transferAmountPage: {
         transfer: ({amount}) => `Transferir${amount ? ` ${amount}` : ''}`,
diff --git a/src/libs/actions/PaymentMethods.js b/src/libs/actions/PaymentMethods.js
index fd9fa25bed38..00f2234c829a 100644
--- a/src/libs/actions/PaymentMethods.js
+++ b/src/libs/actions/PaymentMethods.js
@@ -109,12 +109,26 @@ function setWalletLinkedAccount(password, bankAccountID, fundID) {
                     walletLinkedAccountID: bankAccountID || fundID, walletLinkedAccountType: bankAccountID ? CONST.PAYMENT_METHODS.BANK_ACCOUNT : CONST.PAYMENT_METHODS.DEBIT_CARD,
                 });
                 Growl.show(Localize.translateLocal('paymentsPage.setDefaultSuccess'), CONST.GROWL.SUCCESS, 5000);
-            } else {
-                Growl.show(Localize.translateLocal('paymentsPage.setDefaultFailure'), CONST.GROWL.ERROR, 5000);
+                return;
+            }
+            Growl.show(Localize.translateLocal('paymentsPage.error.setDefaultFailure'), CONST.GROWL.ERROR, 5000);
+        }).catch((error) => {
+            // Make sure to show user more specific errors which will help support identify the problem faster.
+            switch (error.message) {
+                case CONST.WALLET.ERROR.INVALID_WALLET:
+                case CONST.WALLET.ERROR.NOT_OWNER_OF_BANK_ACCOUNT:
+                    Growl.show(`${Localize.translateLocal('paymentsPage.error.notOwnerOfBankAccount')} ${Localize.translateLocal('common.conciergeHelp')}`, CONST.GROWL.ERROR, 5000);
+                    return;
+                case CONST.WALLET.ERROR.NOT_OWNER_OF_FUND:
+                case CONST.WALLET.ERROR.INVALID_FUND:
+                    Growl.show(`${Localize.translateLocal('paymentsPage.error.notOwnerOfFund')} ${Localize.translateLocal('common.conciergeHelp')}`, CONST.GROWL.ERROR, 5000);
+                    return;
+                case CONST.WALLET.ERROR.INVALID_BANK_ACCOUNT:
+                    Growl.show(`${Localize.translateLocal('paymentsPage.error.invalidBankAccount')} ${Localize.translateLocal('common.conciergeHelp')}`, CONST.GROWL.ERROR, 5000);
+                    return;
+                default:
+                    Growl.show(Localize.translateLocal('paymentsPage.error.setDefaultFailure'), CONST.GROWL.ERROR, 5000);
             }
-        })
-        .catch(() => {
-            Growl.show(Localize.translateLocal('paymentsPage.setDefaultFailure'), CONST.GROWL.ERROR, 5000);
         });
 }