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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: $ 2,013,281,970.56
Beginning of the Month Finance Charge Receivables: $ 73,753,678.58
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,087,035,649.14
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 82,521,177.51
Additional Finance Charge Receivables: $ 818,344.35
Additional Total Receivables: $ 83,339,521.86
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,121,117,452.26
End of the Month Finance Charge Receivables: $ 74,247,260.51
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,195,364,712.77
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 1,947,200,000.00
End of the Month Transferor Amount $ 173,917,452.26
End of the Month Transferor Percentage 8.20%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 50,276,199.58
60-89 Days Delinquent $ 34,277,376.00
90+ Days Delinquent $ 61,328,788.60
Total 30+ Days Delinquent $ 145,882,364.18
Delinquent Percentage 6.65%
Defaulted Accounts During the Month $ 16,106,800.17
Annualized Default Percentage 9.60%
Principal Collections 213,501,162.08
Principal Payment Rate 10.60%
Total Payment Rate 12.03%
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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 22.12%
PRINCIPAL ALLOCATION PERCENTAGE 22.12%
MONTHLY SERVICING FEE $ 750,000.00
INVESTOR DEFAULT AMOUNT $ 3,562,824.20
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 82.00%
Class A Finance Charge Collections $ 7,256,156.56
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 7,256,156.56
Class A Monthly Interest $ 1,947,956.84
Class A Servicing Fee $ 615,000.00
Class A Investor Default Amount $ 2,921,515.84
TOTAL CLASS A EXCESS SPREAD $ 1,771,683.88
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.50%
Class B Finance Charge Collections $ 752,162.57
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 752,162.57
Class B Monthly Interest $ 209,333.29
Class B Servicing Fee $ 63,750.00
TOTAL CLASS B EXCESS SPREAD $ 479,079.28
CLASS B INVESTOR DEFAULT AMOUNT 302,840.06
CLASS B REQUIRED AMOUNT 302,840.06
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EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 3,020,165.44
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 $ 302,840.06
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 595,436.85
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 $ 2,028,138.53
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 $ 0.00
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 4,913,116.84
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) 8.23%
Base Rate (Prior Month) 7.94%
Base Rate (Two Months Ago) 7.87%
THREE MONTH AVERAGE BASE RATE 8.01%
Portfolio Yield (Current Month) 14.10%
Portfolio Yield (Prior Month) 9.35%
Portfolio Yield (Two Months Ago) 14.67%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.71%
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PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 47,156,013.17
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 $ 47,156,013.17
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