IF Formula - Not Working

Why isn't this working? The yellow fields should be returning the numbers in the column "2023 Beginning Balance- Char" because they are UNDER 5600 (per my formula). But they are reading the 700 and 798.56 as OVER 5600 and returninng 5600.

=IF([2023 Beginning Balance - Char]12 >= "5,600.00", "$5,600.00", IF([2023 Beginning Balance - Char]12 < "5,600.00", [2023 Beginning Balance - Char]@row)


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