Number of characters users can enter on the Memo field on Transactions

Users can enter up to 999 characters on the Memo field on Transactions. 

Note: 
When users enter more than 999 characters on the Memo field via CSV Import, the import fails and users receive an error message: "The field memo contained more than the maximum number (999) of characters allowed."

There is an enhancement request for increasing the number of characters for the memo field: Enhancement 94012 Need to increase the size of notes or memo fields like tasks/events/notes to be much larger, potentially unlimited.