The amount transferred is one million. It was supposed to be one thousand, hence the 999000 error.

Interesting, E.G. Marshall seemed to indicate that this story was written because of a real bank error. A $1000 transfer being transferred as $1 Million instead. He indicated that it had happened 2 years earlier (which would have been 1977). So I did a google search on this, and sure enough - Mellon Bank of Pittsburgh had done this transfer to the Phillipines to "Melchor J. Javier Jr. and his wife, Victoria" on 1-Aug-1977. I don't know if i am allowed to do a link here, there is a NYT article on it.

Just listened to the $999,000 bank error episode, original date 11/14/79. The bank makes a computer mistake and instead of sending $1,000 check, they send a million dollar check (3 zeros) A very good episode and it was based on a real story but EG Marshall said at the time, they didn't know how it was going to turn out. Well, a google shows that persons getting that million dollar check in real life and cashing it got 20 years in prison for it. Don't know how common it was for CBSMT to take a story out of the news and make it into a story (with a fictional, completely different ending) But like I said, if you listen to the episode, it leaves you wanting to know how the real story turned out (6 years after the episode aired).

This is American banking law. Other countries do not protect bank errors the same way. If a bank deposits any amount to your account, by mistake or not, you don’t have to return it.