What am I doing wrong with this comma-delimited copy?

Welcome to psql 8.1.8, the PostgreSQL interactive terminal.

Type: \copyright for distribution terms
\h for help with SQL commands
\? for help with psql commands
\g or terminate with semicolon to execute query
\q to quit

james=> \pset fieldsep ,
Field separator is ",".
james=> \copy transactions from bar
\.
ERROR: value too long for type character(14)
CONTEXT: COPY transactions, line 1, column symbol: "Cash,0,0,Cash Adjustment,4/2/2007,,,0.87,0,0, ,BALANCE-SWP T1 TO T2,16,,Financial"

psql appears to be treating the entire input line as one tuple,
instead of seeing the fieldsep value as a field delimiter.

Also, one issue I can see coming is the date format. Is there
a way I can read M-D-Y (or M/D/Y) format dates and store them?
My default postgresql date format is Y-M-D. I'd be happy to
retain Y-M-D on display, I just don't want to have to involve
a script to massage the input dates to Y-M-D format.

Thank you!

Jim