A $35 fee will still be levied if the account isn’t brought into balance within five days.

The Charlotte, North Carolina-based bank also will 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. It also raised the fee this year for the first overdraft in a 12-month period to $35 from $25 — a hike that still stands.

Enrollment in the bank’s overdraft program is currently automatic for new customers, and opting out is possible only in “very limited” circumstances, said Anne Pace, a Bank of America spokeswoman. But now customers will be able opt out, meaning that transactions will be denied at the register if customers don’t have enough money in their accounts to cover a purchase.

Pace said the company didn’t have an estimate on how many people might opt out of the overdraft program, noting that many consider it a useful backup. Customers will need to visit their local branches to opt out. They will also be able to call, Pace said, but the appropriate phone number hasn’t yet been determined.

When asked about the reversal from the fee hikes earlier this year, Pace said the company is responding to the “changing needs” of customers in the difficult economic environment.

The changes will apply to all customer accounts, the spokeswoman said.  The banks’ turnaround comes as credit card reforms passed earlier this year will soon limit banks’ ability to raise fees and interest rates and require greater disclosure about costs.