Everbank

Ek Vathana and a certified class of EverBank customers purchased EverBank WorldCurreney certificates of deposit (CDs) denominated in Icelandic krona (ISK), which matured between October 8, 2008, and December 31, 2008. They appeal the district court’s order granting summary judgment for EverBank on their breach of contract action. We have jurisdiction under 28 U.S.C. § 1291 . We affirm in part and reverse in part.

BACKGROUND

A. EverBank’s WorldCurreney CD

Unlike traditional certificates of deposit, an EverBank WorldCurreney CD is denominated in foreign currency. This means that, in addition to earning interest, the principal itself may rise or fall in value over the maturity period of the CD, depending on the strength of the foreign currency relative to U.S. dollars.

When a customer opens a WorldCurreney CD, EverBank adds the customer’s investment to its treasury and credits the customer’s WorldCurreney CD in a foreign currency of the customer’s choice. Under paragraph 2.7.1 of the terms and conditions applicable to the WorldCurreney CDs (the “Terms and Conditions”), the exchange rate that EverBank uses to convert the customer’s initial investment into the foreign…