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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: $ 2,025,676,913.10
Beginning of the Month Finance Charge Receivables: $ 76,786,914.89
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,102,463,827.99
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: $ 1,976,537,252.73
End of the Month Finance Charge Receivables: $ 71,531,661.77
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,048,068,914.50
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust II Series) $ 1,820,000,000.00
End of the Month Transferor Amount $ 156,537,252.73
End of the Month Transferor Percentage 7.92%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies:
RECEIVABLES
30-59 Days Delinquent $ 43,751,632.31
60-89 Days Delinquent $ 30,066,055.23
90+ Days Delinquent $ 59,536,923.40
Total 30+ Days Delinquent $ 133,354,610.94
Delinquent Percentage 6.51%
Defaulted Accounts During the Month $ 17,855,175.01
Annualized Default Percentage 10.58%
Principal Collections 223,808,127.55
Principal Payment Rate 11.05%
Total Payment Rate 12.45%
INVESTED AMOUNTS
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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 14.81%
PRINCIPAL ALLOCATION PERCENTAGE 14.81%
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 33,145,983.68
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1996-C 5,612,836.13
MONTHLY SERVICING FEE $ 500,000.00
INVESTOR DEFAULT AMOUNT $ 2,644,351.42
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $ 4,910,025.65
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 4,910,025.65
Class A Monthly Interest $ 1,194,637.50
Class A Servicing Fee $ 410,000.00
Class A Investor Default Amount $ 2,168,368.16
TOTAL CLASS A EXCESS SPREAD $ 1,137,019.99
CLASS A REQUIRED AMOUNT $ 0.00
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CLASS B AVAILABLE FUNDS
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 508,966.07
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 508,966.07
Class B Monthly Interest $ 128,828.13
Class B Servicing Fee $ 42,500.00
TOTAL CLASS B EXCESS SPREAD $ 337,637.94
CLASS B INVESTOR DEFAULT AMOUNT 224,769.87
CLASS B REQUIRED AMOUNT 224,769.87
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE 47,500.00
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,996,002.34
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 $ 224,769.87
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 408,854.01
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 $ 1,299,878.45
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
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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 $ 4,509,323.49
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) 7.92%
Base Rate (Prior Month) 7.86%
Base Rate (Two Months Ago) 7.83%
THREE MONTH AVERAGE BASE RATE 7.87%
Portfolio Yield (Current Month) 13.37%
Portfolio Yield (Prior Month) 11.06%
Portfolio Yield (Two Months Ago) 12.37%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.27%
PRINCIPAL COLLECTIONS --
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TOTAL PRINCIPAL COLLECTIONS $ 33,145,983.68
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 $ 33,145,983.68
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
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
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By: ________________________
Mark A. Holles
Vice President