MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-C
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,042,198,580.75
Beginning of the Month Finance Charge Receivables: $ 63,401,053.43
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,105,599,634.18
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 0.00
Additional Finance Charge Receivables: $ 0.00
Additional Total Receivables: $ 0.00
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,066,862,462.68
End of the Month Finance Charge Receivables: $ 67,592,861.69
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,134,455,324.37
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust II Series) $ 1,875,000,000.00
End of the Month Transferor Amount $ 191,862,462.68
End of the Month Transferor Percentage 9.28%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies:
RECEIVABLES
30-59 Days Delinquent $ 47,889,910.91
60-89 Days Delinquent $ 29,525,423.47
90+ Days Delinquent $ 48,753,770.13
Total 30+ Days Delinquent $ 126,169,104.51
Delinquent Percentage 5.91%
Defaulted Accounts During the Month $ 16,506,240.18
Annualized Default Percentage 9.70%
Principal Collections 198,178,735.42
Principal Payment Rate 9.70%
Total Payment Rate 11.14%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 184,500,000.00
Class B Initial Invested Amount $ 19,125,000.00
Class C Initial Invested Amount $ 21,375,000.00
INITIAL INVESTED AMOUNT $ 225,000,000.00
Class A Invested Amount $ 246,000,000.00
Class B Invested Amount $ 25,500,000.00
Class C Invested Amount $ 28,500,000.00
INVESTED AMOUNT $ 300,000,000.00
Class A Adjusted Invested Amount $ 246,000,000.00
Class B Adjusted Invested Amount $ 25,500,000.00
Class C Adjusted Invested Amount $ 28,500,000.00
ADJUSTED INVESTED AMOUNT $ 300,000,000.00
PREFUNDED AMOUNT $ 0.00
FLOATING ALLOCATION PERCENTAGE 14.69%
PRINCIPAL ALLOCATION PERCENTAGE 14.69%
Class A Principal Allocation Percentage 82.00%
Class B Principal Allocation Percentage 8.50%
Class C Principal Allocation Percentage 9.50%
COLLECTIONS OF PRINCIPAL RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1996-C 29,112,456.24
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1996-C 5,343,628.68
MONTHLY SERVICING FEE $ 500,000.00
INVESTOR DEFAULT AMOUNT $ 2,424,766.68
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $ 4,689,275.55
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 4,689,275.55
Class A Monthly Interest $ 1,188,231.25
Class A Servicing Fee $ 410,000.00
Class A Investor Default Amount $ 1,988,308.68
TOTAL CLASS A EXCESS SPREAD $ 1,102,735.62
CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 486,083.44
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 486,083.44
Class B Monthly Interest $ 128,164.06
Class B Servicing Fee $ 42,500.00
TOTAL CLASS B EXCESS SPREAD $ 315,419.38
CLASS B INVESTOR DEFAULT AMOUNT 206,105.17
CLASS B REQUIRED AMOUNT 206,105.17
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE 47,500.00
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,913,924.69
Excess Spread Applied to Class A Required Amount $ 0.00
Excess Spread Applied to Class A Investor
Charge Offs $ 0.00
Excess Spread Applied to Class B
Required Amount $ 206,105.17
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 387,251.27
Excess Spread Applied to Reductions of
Class C Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash $ 62,500.00
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to Spread Account $ 0.00
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed to $ 0.00
Cash Collateral Depositor
Excess Spread Applied to other amounts owed to
Spread Account Residual Interest Holders $ 0.00
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 1,258,068.25
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 7,724,339.49
SERIES 1996-C EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1996-C
Excess Finance Charge Collections Applied to
Class A Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Class A Investor Charge Offs $ 0.00
Excess Finance Charge Collections Applied to
Class B Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Reductions of Class B Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Class C Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Reductions of Class C Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Monthly Cash Collateral Fee $ 0.00
Excess Finance Charge Collections Applied to
other amounts owed Cash Collateral Depositor $ 0.00
Excess Finance Charge Collections Applied to
other amounts owed to Spread Account Residual Interest
Holders $ 0.00
YIELD AND BASE RATE --
Base Rate (Current Month) 7.89%
Base Rate (Prior Month) 7.89%
Base Rate (Two Months Ago) 7.92%
THREE MONTH AVERAGE BASE RATE 7.90%
Portfolio Yield (Current Month) 13.18%
Portfolio Yield (Prior Month) 12.56%
Portfolio Yield (Two Months Ago) 13.63%
THREE MONTH AVERAGE PORTFOLIO YIELD 13.12%
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 29,112,456.24
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certificates $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A SCHEDULED ACCUMULATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED ACCUMULATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 29,112,456.24
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
CLASS C INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B REDUCTIONS REIMBURSED $ 0.00
PREVIOUS CLASS C REDUCTIONS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 9,000,000.00
Available Cash Collateral Amount $ 9,000,000.00
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: ________________________
Jessica L. Parker
Vice President and
Controller