The types of accounts in which funds may be deposited with a financial institution include, but are not limited to, the following:

(1) A single account;

(2) A joint account without right of survivorship;

(3) A joint account with right of survivorship;

(4) An agency account;

(5) A trust or P.O.D. account; and

(6) Any compatible combination of the foregoing.

In each case, the type of account shall be determined by the terms of the contract of deposit between the depositor and the financial institution. The financial institution shall describe to a potential depositor the various types of accounts available.