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MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-A
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,066,862,462.68
Beginning of the Month Finance Charge Receivables: $ 67,592,861.69
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,134,455,324.37
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: $ 2,034,901,461.75
End of the Month Finance Charge Receivables: $ 66,217,310.43
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,101,118,772.18
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 1,875,000,000.00
End of the Month Transferor Amount $ 159,901,461.75
End of the Month Transferor Percentage 7.86%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 52,158,133.32
60-89 Days Delinquent $ 31,729,341.74
90+ Days Delinquent $ 51,403,791.91
Total 30+ Days Delinquent $ 135,291,266.97
Delinquent Percentage 6.44%
Defaulted Accounts During the Month $ 16,422,460.44
Annualized Default Percentage 9.53%
Principal Collections 213,312,212.64
Principal Payment Rate 10.32%
Total Payment Rate 11.83%
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INVESTED AMOUNTS
Class A Initial Invested Amount $ 369,000,000.00
Class B Initial Invested Amount $ 38,250,000.00
Class C Initial Invested Amount $ 42,750,000.00
INITIAL INVESTED AMOUNT $ 450,000,000.00
Class A Invested Amount $ 369,000,000.00
Class B Invested Amount $ 38,250,000.00
Class C Invested Amount $ 42,750,000.00
INVESTED AMOUNT $ 450,000,000.00
FLOATING ALLOCATION PERCENTAGE 21.77%
PRINCIPAL ALLOCATION PERCENTAGE 21.77%
MONTHLY SERVICING FEE $ 750,000.00
INVESTOR DEFAULT AMOUNT $ 3,575,169.64
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 82.00%
Class A Finance Charge Collections $ 7,442,264.43
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 7,442,264.43
Class A Monthly Interest $ 1,953,393.75
Class A Servicing Fee $ 615,000.00
Class A Investor Default Amount $ 2,931,639.10
TOTAL CLASS A EXCESS SPREAD $ 1,942,231.58
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.50%
Class B Finance Charge Collections $ 771,454.23
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 771,454.23
Class B Monthly Interest $ 210,375.00
Class B Servicing Fee $ 63,750.00
TOTAL CLASS B EXCESS SPREAD $ 497,329.23
CLASS B INVESTOR DEFAULT AMOUNT 303,889.42
CLASS B REQUIRED AMOUNT 303,889.42
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EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 3,230,524.38
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 $ 303,889.42
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 599,258.31
Excess Spread Applied to Reductions of
Class C Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash $ 93,750.00
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 $ 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 $ 2,233,626.65
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 9,002,222.84
SERIES 1996-A EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1996-A
Excess Finance Charge Collections Applied to
Class A Required Amount $ 0.00
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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) 7.87%
Base Rate (Prior Month) 7.91%
Base Rate (Two Months Ago) 7.90%
THREE MONTH AVERAGE BASE RATE 7.89%
Portfolio Yield (Current Month) 14.67%
Portfolio Yield (Prior Month) 13.18%
Portfolio Yield (Two Months Ago) 12.56%
THREE MONTH AVERAGE PORTFOLIO YIELD 13.47%
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PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 46,438,068.72
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 AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED AMORTIZATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 46,438,068.72
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 CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS C CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 13,500,000.00
Available Cash Collateral Amount $ 13,500,000.00
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TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: ________________________
Mark A. Holles
Vice President