BB&T Revising Overdraft Fee Policy

BB&T says it will limit overdraft charges to four per day, while also cutting overdraft fees when clients overdraw by less than $5 for debit or ATM transactions.

Author:: David Moss
Publish date:: Sep 28, 2009 2:42 PM EDT

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) - Get Report

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) - Get Report

announced

changes to its policy on overdraft fees, following on the heels of overhauls by

Bank of America

(BAC) - Get Report

and

JPMorgan Chase

(JPM) - Get Report