Even in the event of identity theft, the government has your back while you're banking.

Benardo says all account holders at FDIC-insured institutions are covered by the Electronic Fund Transfer Act and the Federal Reserve Board's Regulation E. These two regulations limit the amount of personal liability for fraudulent charges to $50 when reported within two business days of the transaction.

Still, Benardo says account holders must be vigilant in reviewing their bank statements. If they fail to report fraudulent activity within 60 days of the occurrence, their institution may hold them responsible for all of the charges.

"The quicker you are aware of a fraudulent transaction, the better off you are in terms of protection," Benardo says.