“The recently enacted Foreign Account Tax Compliance Act (Fatca) by the US government is the reason for banks to close its doors to US citizens.  When institutions fail to report or disclose information the consequences can be grave, one of the penalties being the withdrawal of US Dollar clearing rights in New York, a penalty feared by banks.  Meanwhile, US citizens are reported to have been refused by banks when they wanted to open a new bank account.”

http://www.emirates247.com/eb247/banking-finance/banking/americans-find-it-difficult-to-open-bank-accounts-2013-02-18-1.495327

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