Value too long for type character varying or type numeric

PostgreSQL

CREATE TABLE customers
(
id numeric NOT NULL DEFAULT 
nextval('seq_customers'::regclass),
first_name character varying(50),
last_name character varying(50),
account_id numeric(5),
type character varying(2),
reg_date timestamp without time zone DEFAULT now(),
CONSTRAINT customers_pkey PRIMARY KEY (id) 
);

Value too long for type character varying

INSERT INTO customers
(first_name, last_name, type)
VALUES ('SCOTT', 'TIGER', 'ABCD');

ERROR:  value too long for type character varying(2)

The correct insert is:

INSERT INTO customers
(first_name, last_name, type)
VALUES ('SCOTT', 'TIGER', 'AB');

Value too long for type numeric

INSERT INTO customers
(first_name, last_name, account_id)
VALUES ('SCOTT', 'TIGER', '1234567');

ERROR:  value too long for type numeric(5) 

The correct insert is: 

INSERT INTO customers
(first_name, last_name, account_id)
VALUES ('SCOTT', 'TIGER', '12345');