Narrative:

We were cleared by approach direct to the FAF and to descend to 3;000 ft. I went heads down to copy down the current ATIS and the captain reached up to change our open descent to 3;000 to a V/south of 1;600 ft down to slow our rate of descent. I finished copying the ATIS and came heads up. Approach then called asking our altitude which was 2;300 ft. The captain has inadvertently put 1;600 in the altitude select window (staying in open descent) rather than putting in a V/south 1;600 rate of descent. We immediately climbed back to 3;000 ft. Had we been IMC and the controller not noted our mistake we could have ended in a mountain. In retrospect; I should have gotten the ATIS sooner but it was just changing.

Google
 

Original NASA ASRS Text

Title: Setting a desired rate of descent; 1;600 FPM; into the Altitude Alert window vice the Vertical Speed window proved only embarrassing to the flight crew of an A320. Had ATC not alerted them to their descent below their cleared altitude of 3;000 MSL the outcome could have been more alarming.

Narrative: We were cleared by Approach direct to the FAF and to descend to 3;000 FT. I went heads down to copy down the current ATIS and the Captain reached up to change our Open Descent to 3;000 to a V/S of 1;600 FT down to slow our rate of descent. I finished copying the ATIS and came heads up. Approach then called asking our altitude which was 2;300 FT. The Captain has inadvertently put 1;600 in the altitude select window (staying in open descent) rather than putting in a V/S 1;600 rate of descent. We immediately climbed back to 3;000 FT. Had we been IMC and the Controller not noted our mistake we could have ended in a mountain. In retrospect; I should have gotten the ATIS sooner but it was just changing.

Data retrieved from NASA's ASRS site as of April 2012 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.