(Adds further info on charges)
April 1 (Reuters) - The Australian Securities and Investments Commission on Thursday said it has started civil penalty proceedings against the Commonwealth Bank of Australia (CBA) for allegedly charging wrong monthly access fees from its customers.
The watchdog said that between April 1, 2015 and Sept. 11, 2019, the country's top lender incorrectly charged its customers A$11.5 million ($8.74 million) in monthly access fees.
These customers were entitled to fee waivers under their contract with the bank but were still charged due to "inadequate or improper" processes and CBA staff's "manual errors", the ASIC said.
The bank also allegedly made "false or misleading representations" about contractual entitlement after said fees were charged, the watchdog added.
CBA did not immediately respond to a Reuters request for comment.
The suit was filed with the Federal Court and a hearing date is yet to be set, ASIC said. ($1 = 1.3165 Australian dollars)
News: CBA UPDATE 1-Australian watchdog sues CBA over alleged incorrect access fees
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