Narrative:

Upon departure off 36R at mem, the captain and I were cleared to climb to 3000'. At approximately 2600' the captain pointed out traffic passing our 12 O'clock. The aircraft was an medium large transport climbing out above and around us. We were both in a right turn to the south. The captain and I both were busy watching the medium large transport when I looked back down and saw we were at 3600'. Immediately I began to correct back to 3000', when departure control called and asked if we had the medium large transport in sight we had been watching. The captain replied, 'yes,' and we were issued a climb clearance to 9000'. Nothing was said to us by the controller about the altitude deviation. The reason for this occurrence was complacency and failure to monitor the altimeter as I should have. The captain also did not give me a 300' to go call as we usually practice but I still should have caught it. I feel this would never have happened if our cheap company would install altitude alert systems on our aircraft.

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Original NASA ASRS Text

Title: LTT OVERSHOT ASSIGNED ALT DURING DEP FROM MEM.

Narrative: UPON DEP OFF 36R AT MEM, THE CAPT AND I WERE CLRED TO CLB TO 3000'. AT APPROX 2600' THE CAPT POINTED OUT TFC PASSING OUR 12 O'CLOCK. THE ACFT WAS AN MLG CLBING OUT ABOVE AND AROUND US. WE WERE BOTH IN A RIGHT TURN TO THE S. THE CAPT AND I BOTH WERE BUSY WATCHING THE MLG WHEN I LOOKED BACK DOWN AND SAW WE WERE AT 3600'. IMMEDIATELY I BEGAN TO CORRECT BACK TO 3000', WHEN DEP CTL CALLED AND ASKED IF WE HAD THE MLG IN SIGHT WE HAD BEEN WATCHING. THE CAPT REPLIED, 'YES,' AND WE WERE ISSUED A CLB CLRNC TO 9000'. NOTHING WAS SAID TO US BY THE CTLR ABOUT THE ALT DEVIATION. THE REASON FOR THIS OCCURRENCE WAS COMPLACENCY AND FAILURE TO MONITOR THE ALTIMETER AS I SHOULD HAVE. THE CAPT ALSO DID NOT GIVE ME A 300' TO GO CALL AS WE USUALLY PRACTICE BUT I STILL SHOULD HAVE CAUGHT IT. I FEEL THIS WOULD NEVER HAVE HAPPENED IF OUR CHEAP COMPANY WOULD INSTALL ALT ALERT SYSTEMS ON OUR ACFT.

Data retrieved from NASA's ASRS site as of July 2007 and automatically converted to unabbreviated mixed upper/lowercase text. This report is for informational purposes with no guarantee of accuracy. See NASA's ASRS site for official report.