SAVE MONEY ON TRAVEL DEALS

UBS is embroiled in a legal dispute with the U.S. Internal Revenue Service, which is seeking information on 52,000 clients, Swissinfo reported Friday. Other banks fear similar action would force them to open their books, the report said.

"We are recommending our banks not to open any new client relations to clients living in the U.S..", Stefan Kern, a spokesman for Bank Raffeissen, said. "The future procedures with the U.S. are unclear."

Andy Sundberg of American Citizens Abroad in Geneva said even U.S. citizens living in Switzerland have been having trouble opening bank accounts.

Lawrence Desmond, who holds dual citizenship, said UBS gave him 45 days to close his account or transfer it to a special unit registered with the IRS. Because he holds a Swiss passport, Desmond, who said he likes to keep some money is Switzerland as a convenience for his visits there, was able to open a post office account.

 BREAKING STORIES

Bernanke pitches for strong Fed

Bernanke pitches for strong Fed

Crude oil prices close to $83 per barrel

Saab to put U.S. headquarters in Michigan

Grain futures extend rally

Police send drugs to resale shop

Self-revealing source frees reporter

'Michigan Meatout Day' draws scorn

BOE reveals concern over inflation

U.S. mortgage activity down slightly

Severe drought grips southwestern China

Bank of Japan loosens monetary policy

Obama approval rating drops sharply

Grain futures rise with weaker dollar

Crude oil prices rebound Tuesday

Fed, as expected, leaves rates intact

Housing starts fall 5.9 percent in month

Royal Dutch Shell to cut 2,000 jobs

Week seeks to let sun shine on government

Professor calls some bad loans valuable