SYDNEY, AAP – The Commonwealth Bank wrongly charged almost one million customers nearly $55 million in monthly fees, ASIC has alleged in a lawsuit.

The Australian Securities and Investments Commission on Thursday said it had started legal action in the Federal Court over the fees, which were charged between 2019 and 2019.

The bank said fee waivers were not applied and apologised to customers.

It has repaid $64.2 million, including interest, to all affected customers.

Shares were down 0.37 per cent to $85.78 at 1136 AEDT.