Created: 9/23/2009 7:05:24 AM 
NEW YORK (AP) -- Bank of America and JPMorgan Chase say they're ready to make some changes in overdraft fees and practices that have been called excessive and harmful to consumers.
The announcements come as lawmakers prepare to implement sweeping credit card reforms.
Bank of America says it's capping the fees charged customers who overdraw their accounts. Starting Oct. 19, the bank will no longer charge overdraft fees when a customer's account is overdrawn by less than $10 in one day. A $35 fee will still be levied if the account isn't brought into balance within five days.
The move backpedals on hikes the company had imposed just a few months ago.
The bank also plans to limit to four the number of times an overdraft fee can be charged on an account per day. Just this year, the bank had raised that cap from five to 10.
For its part, JPMorgan Chase will make overdraft protection opt-in for all customers, post transactions to accounts as they occur, and eliminate fees when accounts are overdrawn by $5 or less. It will also reduce the maximum number of fees per day to three from six.
Those changes will start in the first quarter of 2010.
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