So, I reached out to Verizon about the wrong city on my shipping label, and they told me to contact FedEx. And then FedEx told me to contact Verizon because I, the consumer, am not allowed to make changes on this particular shipment. Ughhhhh!
Posted from the S7E Chrome™ on Big Red
Every package comes out of the 'cans' (aluminum containers that roll on/off aircraft) and on to a belt where it is 'SIP'ed (barcode scanned and assigned a little yellow route number sticker). It then continues down the belt where drivers pull off every package with their route number (say 123) and piles it by or in the back of their van. Once the belt stops, the driver then has x-amount of time to stage his packages - first by delivery time (first overnight by 8am, priority by 10:30, then the rest), then by area.
So your package with the right zip and street but wrong city has at least 2 chances to be corrected before it ever leaves the local station - first during the SIP, then (more likely) when the driver is staging their truck. The good drivers will put everything in stop order before going on road, using street name and address. Unless it's a new driver, they know every street in their delivery area, and they really don't want to leave with a package that isn't on their route.
If it's a really experienced driver, they'll likely know what route it goes on and will pass it of to the right driver immediately. If not, they'll give it to a CSR (in-station worker) who will figure out which truck it's supposed to be on. If they figure it out quickly, it makes the truck easy-peasy. If they struggle to make sense of it or they're backed up or whatever, it might not make the truck, but might still go out later with a driver that will meet up with the route driver, or someone who might be picking up outgoing packages in your area.
Important thing is, and especially with a big account like Verizon or Amazon or whatever, if it doesn't get to you by the promised time, the shipper (not you!) is entitled to a refund of their shipping cost (which FedEx corporate will then hold against the local station). So everyone in your local station is very motivated to get your stuff right and out to you on time.
Everyone at FedEx hates bad addresses, and they have a lot of resources and experience to make them right.
Guess what I'm trying to say is you almost certainly have nothing to worry about - your phone should show up on time. A whole lot would have to go wrong for it to not (not saying it never happens, but way more get fixed than fall through the cracks).
Sorry for the wall of text - used to drive for FedEx, and thought people might find this explanation usefull