PayPal has updated its iPhone application with a feature that Unfortunately, PayPal won't let you automatically forward the money to your bank account, but you can transfer it manually after the check clears. It will also issue a debit card upon request, which functions as a standard bank debit card and provides instant access to your balance. The PayPal application, check deposits, bank transfers and debit card are all free -- though you do get hit with ATM fees.