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BB&T Revising Overdraft Fee Policy

WINSTON-SALEM, N.C. (TheStreet) -- In wake of recent criticism, the paring back of overdraft fees appears to be the initiative du jour for banks, as BB&T (BBT) joined a host of others in revamping its policies.

According to a statement released today, BB&T explained that it will no longer charge more than four overdraft fees on a given day and will eliminate overdraft charges for debit and ATM transactions when customers overdraw by less than $5. Changes will take effect in the first quarter of 2010.

Additionally, BB&T will alert ATM customers when a withdrawal will tip an account into overdraw territory.

In midday trading, BB&T shares were adding 56 cents, or 2.1%, at $27.73.

Last week, Wells Fargo (WFC) announced changes to its policy on overdraft fees, following on the heels of overhauls by Bank of America (BAC) and JPMorgan Chase (JPM).

-- Written by Sung Moss in New York

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