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MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-C
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,121,117,452.26
Beginning of the Month Finance Charge Receivables: $ 74,247,260.51
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,195,364,712.77
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: $ 2,077,427,520.47
End of the Month Finance Charge Receivables: $ 76,461,713.10
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,153,889,233.57
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust II Series) $ 1,915,500,000.00
End of the Month Transferor Amount $ 161,927,520.47
End of the Month Transferor Percentage 7.79%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies:
RECEIVABLES
30-59 Days Delinquent $ 51,601,952.87
60-89 Days Delinquent $ 32,391,378.04
90+ Days Delinquent $ 62,422,395.45
Total 30+ Days Delinquent $ 146,415,726.36
Delinquent Percentage 6.80%
Defaulted Accounts During the Month $ 17,344,034.20
Annualized Default Percentage 9.81%
Principal Collections 218,237,147.65
Principal Payment Rate 10.29%
Total Payment Rate 11.61%
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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 14.14%
PRINCIPAL ALLOCATION PERCENTAGE 14.14%
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 30,858,732.68
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1996-C 5,169,555.09
MONTHLY SERVICING FEE $ 500,000.00
INVESTOR DEFAULT AMOUNT $ 2,452,446.44
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $ 4,546,535.17
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 4,546,535.17
Class A Monthly Interest $ 1,292,960.63
Class A Servicing Fee $ 410,000.00
Class A Investor Default Amount $ 2,011,006.08
TOTAL CLASS A EXCESS SPREAD $ 832,568.46
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CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 471,287.19
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 471,287.19
Class B Monthly Interest $ 139,519.53
Class B Servicing Fee $ 42,500.00
TOTAL CLASS B EXCESS SPREAD $ 289,267.66
CLASS B INVESTOR DEFAULT AMOUNT 208,457.95
CLASS B REQUIRED AMOUNT 208,457.95
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE 47,500.00
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,601,068.85
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 $ 208,457.95
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 403,937.88
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 $ 926,173.02
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed to $ 0.00
Cash Collateral Depositor
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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 $ 0.00
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) 7.83%
Base Rate (Prior Month) 8.22%
Base Rate (Two Months Ago) 7.92%
THREE MONTH AVERAGE BASE RATE 7.99%
Portfolio Yield (Current Month) 12.37%
Portfolio Yield (Prior Month) 14.10%
Portfolio Yield (Two Months Ago) 9.35%
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THREE MONTH AVERAGE PORTFOLIO YIELD 11.94%
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 30,858,732.68
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 $ 30,858,732.68
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
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CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: ________________________
Jessica L. Parker
Vice President
and Assistant Controller