Dec 1 (Reuters) - ASIC:
* ASIC SAYS STARTED CIVIL PROCEEDINGS AGAINST CBA FOR CHARGING RATE OF INTEREST ON BUSINESS OVERDRAFT ACCOUNTS HIGHER THAN WHAT CUSTOMERS WERE TOLD
* ASIC TOTAL OVERCHARGED INTEREST BY CBA EXCEEDED $2.9 MILLION
* ASIC ALLEGES CBA, AMONG OTHERS, CHARGED MORE THAN 2,200 CUSTOMERS A DIFFERENT, HIGHER INTEREST RATE ON THEIR OVERDRAFT ACCOUNTS
* ASIC ALLEGES THAT CBA UNSUCCESSFULLY ATTEMPTED TO MANUALLY FIX OVERCHARGING ERROR AFTER COMPLAINT WAS MADE TO THE BANK IN 2013
* ASIC ALLEGES THAT FROM DEC 1, 2014 TO MARCH 31, 2018, CBA ENGAGED IN CONDUCT THAT CONTRAVENED FINANCIAL SERVICES LAWS Source: https:// Further company coverage: CBA.AX