Chase has been doing this for months and other banks have been doing it for years but Paypal will soon accept checks via iPhone (and iPod touch?) camera.

Chambers said that this new app will allow you to take a picture of the front and back of a check with your iPhone camera, and it will be added to your PayPal balance.

The Square iPhone app is taking a bigger step by eliminating the check altogether but you’ll need to purchase a little piece of hardware for that.  Paypal only needs your iPhone camera.

This is helping grease the wheels of the economy people!

Updated Paypal app will be here in the next few days.