ASIC last night launched a wave of legal action against Commonwealth Bank alleging that the country's largest financial institution pocketed millions after it overcharged fees and interest on more than 8600 customer accounts over a ten year period.In a statement of claim filed in the Federal Court the regulator claims the bank acted in a misleading or deceptive manner with its marketing of a customer loyalty program known as the AgriAdvantage Loyalty Plus package.ASIC alleges that CBA overcharged fees and interest to borrowers who were never given special waivers after they paid to join the program.The bank is accused of failing to pass on benefits to eligible customers on more than 131,000 occasions - a practice that netted the company an extra $8 million.The bank also stands accused of failing to distribute bonus interest payments to depositors under the program."ASIC alleges that, contrary to the terms of the AA+ Package, CBA harmed customers by not providing certain benefits to customers and, as a result, customers were overcharged fees and interest on loans and fees, and underpaid interest on savings," the regulator said in a statement."ASIC's case is that the causes of CBA's failures included the highly manual nature of CBA's systems by which the AA+ Package benefits were applied, as well as, CBA having no systems or processes in place to check whether customers were receiving benefits."The alleged breaches of the ASIC Act and other financial services laws occurred between 2005 and 2015.As a result, most of the breaches are not actionable because the six year statute of limitations rule.ASIC is only able to mount a legal case in relation to alleged breaches that occurred after February 2014.However, the bank will likely come under intense public pressure to compensate all customers harmed by the errant loyalty program if ASIC wins the case.The regulator is seeking a civil penalty of up to A$5 million.ASIC has also launched an action in the Federal Court over a responsible lending case that was highlighted during the hearings of the Hayne Royal Commission.In January 2017 CBA offered an $8000 credit limit increase to a customer who months earlier had notified the bank that he had a gambling problem.ASIC alleges that the bank's credit management systems kept no record of the customer's self-reported gambling addiction and therefore failed in its obligation to assess whether the limit increase was unsuitable.