Bank of America and JPMorgan Chase, two of the nation's biggest banks, are reducing their overdraft plus other account fees.

It may be noted here that several big banks including Bank of America and JPMorgan Chase have been facing criticism for charging excessive fees.

According to reports, both banks are lowering fees and changing the way they debit consumer accounts. These lenders will also let customers to opt out of overdraft protection.

Under the new rules, Bank of America will not charge overdraft fees in case a customer's account is overdrawn by less than $10 a day. However, a customer will have face $35 penalty in case he does not balance his account within 5 days.

When contacted, Bank of America’s Brian T. Moynihan said, “We made the decision that we had to help customers now and help those most stretched by the economy.”

JPMorgan Chase has also abolished fees a person’s account is overdrawn by $5 or less.

Those who continue to have overdraft protection at JPMorgan Chase will pay a maximum of 3 penalties a day, down from 6.

JPMorgan Chase will apply the changes in the first quarter of next year, while Bank of America will start introducing changes from October 19.