How to make iPhone check email automatically

By default iPhone 2.0 firmware is configured to check emails only manually. To make it check email regularly the change in the settings needs to be made. Since I spent more time than I expected finding out how to make my iPhone check email periodically, I decided that it's worthy a post. I was looking all over Settings | Email, Calendar and Contacts, where I thought the setting would be, and could not find it. Instead it turned out to be Settings | Fetch New Data. That what drives frequency of email checks:

ps. In firmware 1.0+, this auto check is done by:
1. Tap on the Settings icon in the home screen and tap the Mail button.

2. In the new screen that slides over, look for the Auto-Check option in the Messages section.