) -- In wake of recent criticism, the paring back of overdraft fees appears to be the initiative du jour for banks, as


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(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


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

Bank of America

(BAC) - Get Report


JPMorgan Chase

(JPM) - Get Report


-- Written by Sung Moss in New York

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