9/97 Page 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported:) October 15, 1997
Chevy Chase Master Credit Card Trust
_____________________________________________________
(Exact name of registrant as specified in charter)
Maryland 33-81786 52-0897004
___________________________ ________________ _________________
State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organ- File No.) Identification No.
ization
C/O CHEVY CHASE BANK, F.S.B
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
______________________________________ _____________
Address of principal executive offices Zip Code
Registrant's telephone number, including area code(301)-986-7000
_____________
Not Applicable
________________________________________________________________
(Former name, former address, and former fiscal year, if changed
since last report)
9/97 Page 2
Item 5. Other Events
None
Item 7. Financial Statements, Pro forma Financial Information
and Exhibits.
Exhibit 99.1 Monthly Report to Certificateholders dated
October 15, 1997 for Series 1994-1, Series 1994-2,
Series 1994-3, Series 1994-4, Series 1994-5,
and Series 1995-1.
Signatures
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed
on behalf of the Chevy Chase Master Credit Card Trust by the
undersigned thereunto duly authorized.
Chevy Chase Master Credit Card Trust
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Mark A. Holles
Dated: October 15, 1997 By: ___________________________________
Mark A. Holles
Vice President
9/97 Page 1
MONTHLY STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST
SERIES 1994-1
Pursuant to the Pooling and Servicing Agreement dated
as of March 1, 1994 (hereinafter as such agreement may have been
or may be from time to time, supplemented, amended, or otherwise
modified, the "Pooling and Servicing"), between Chevy
Chase Bank, F.S.B., as Seller and Servicer ("Chevy Chase"), and
Bankers Trust Company, as trustee (the "Trustee"), Chevy Chase as
Servicer is required to prepare certain information each month
regarding current distributions to Certificateholders and the
performance of the Chevy Chase Master Credit Card Trust (the
"Trust") during the previous month. The information which is
required to be prepared with respect to the Distribution Date of
October 15, 1997, and with respect to the performance of the Trust
during the month of September, 1997 is set forth below. Certain of
the information is presented on the basis of an original
principal amount of $1,000 per Series 1994-1 Certificate (a
"Certificate"). Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal
amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 63.1100261
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.6100261
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class A
Certificates, per $1,000 original
certificate principal amount $ 62.5000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
9/97 Page 2
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect to
all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.0468750
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.0468750
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
9/97 Page 3
By ________________________
Jessica L. Parker
Vice President and
Assistant Controller
9/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
CHEVY CHASE MASTER CREDIT CARD TRUST
Series 1994-1
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,363,008,379.88
Beginning of the Month Finance Charge Receivables $ 102,999,197.89
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,466,007,577.77
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 42,763,679.48
Additional Finance Charge Receivables: $ 323,882.74
Additional Total Receivables: $ 43,087,562.22
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,418,140,431.25
End of the Month Finance Charge Receivables: $ 107,106,395.88
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,525,246,827.13
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Seri $ 2,140,171,875.00
End of the Month Seller Amount $ 277,968,556.25
End of the Month Seller Percentage 11.50%
PERFORMANCE SUMMARY
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 67,216,219.32
60-89 Days Delinquent $ 41,180,899.99
90+ Days Delinquent $ 73,079,986.91
Total 30+ Days Delinquent $ 181,477,106.22
Delinquent Percentage 7.19%
Defaulted Accounts During the Month $ 20,290,928.63
Annualized Default Percentage 10.30%
Principal Collections $ 204,083,673.04
Principal Payment Rate 8.64%
Total Payment Rate 10.11%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 170,000,000.00
9/97 Page 2
Class B Initial Invested Amount $ 30,000,000.00
INITIAL INVESTED AMOUNT $ 200,000,000.00
Class A Invested Amount $ 10,625,000.00
Class B Invested Amount $ 30,000,000.00
INVESTED AMOUNT $ 40,625,000.00
FLOATING ALLOCATION PERCENTAGE 2.15%
PRINCIPAL ALLOCATION PERCENTAGE 7.93%
MONTHLY SERVICING FEE $ 85,416.67
INVESTOR DEFAULT AMOUNT $ 436,254.96
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 41.46%
Class A Finance Charge Collections $ 428,982.16
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 428,982.16
Class A Monthly Interest $ 103,704.43
Class A Servicing Fee $ 35,416.67
Class A Investor Default Amount $ 180,871.31
TOTAL CLASS A EXCESS SPREAD $ 108,989.75
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 58.54%
Class B Finance Charge Collections $ 605,701.77
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 605,701.77
Class B Monthly Interest $ 151,406.25
Class B Servicing Fee $ 50,000.00
Class B Investor Default Amount $ 255,383.65
TOTAL CLASS B EXCESS SPREAD $ 148,911.87
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 257,901.62
9/97 Page 3
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B Items $ 0.00
Excess Spread Applied to Class B Investor $ 0.00
Charge Offs
Excess Spread Applied to Monthly Cash $ 1,220.14
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 256,681.48
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 10,569,266.81
SERIES 1994-1 EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1994-1
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Items
Excess Finance Charge Collections Applied to $ 0.00
Class B Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
YIELD AND BASE RATE --
Base Rate (Current Month) 7.97%
Base Rate (Prior Month) 7.95%
9/97 Page 4
Base Rate (Two Months Ago) 7.96%
THREE MONTH AVERAGE BASE RATE 7.96%
Portfolio Yield (Current Month) 14.01%
Portfolio Yield (Prior Month) 12.21%
Portfolio Yield (Two Months Ago) 14.19%
THREE MONTH AVERAGE PORTFOLIO YIELD 13.47%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 85.00%
Class A Principal Collections $ 13,756,259.98
CLASS B PRINCIPAL PERCENTAG 15.00%
Class B Principal Collections $ 2,427,575.30
TOTAL PRINCIPAL COLLECTIONS $ 16,183,835.28
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $
0.00
SERIES
CLASS A AMORTIZATION --
Controlled Amortization Amount $ 10,625,000.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 10,625,000.00
CLASS B AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $5,558,835.28
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
9/97 Page 5
CASH COLLATERAL ACCOUNT --
Initial Shared Collateral Amount $ 10,000,000.00
Initial Class B Collateral Amount $ 12,000,000.00
Required Cash Collateral Amount $ 14,562,500.00
Available Cash Collateral Amount $ 14,562,500.00
Available Shared Collateral Amount $ 2,562,500.00
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
Assistant Controller
9/97 Page 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST
SERIES 1994-2
Pursuant to the Pooling and Servicing Agreement dated
as of June 1, 1994 (hereinafter as such agreement may have been
or may be from time to time, supplemented, amended, or otherwise
modified, the "Pooling and Servicing"), between Chevy
Chase Bank, F.S.B., as Seller and Servicer ("Chevy Chase"), and
Bankers Trust Company, as trustee (the "Trustee"), Chevy Chase as
Servicer is required to prepare certain information each month
regarding current distributions to Certificateholders and the
performance of the Chevy Chase Master Credit Card Trust (the
"Trust") during the previous month. The information which is
required to be prepared with respect to the Distribution Date of
October 15, 1997, and with respect to the performance of the Trust
during the month of September, 1997 is set forth below. Certain of
the information is presented on the basis of an original
principal amount of $1,000 per Series 1994-2 Certificate (a
"Certificate"). Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal
amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 64.0250651
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 1.5250651
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class A
Certificates, per $1,000 original
certificate principal amount $ 62.5000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
9/97 Page 2
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect to
all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.0468749
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.0468749
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
9/97 Page 3
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Jessica L. Parker
Vice President and
Assistant Controller
9/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
CHEVY CHASE MASTER CREDIT CARD TRUST
SERIES 1994-2
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,363,008,379.88
Beginning of the Month Finance Charge Receivables: $ 102,999,197.89
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,466,007,577.77
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 42,763,679.48
Additional Finance Charge Receivables: $ 323,882.74
Additional Total Receivables: $ 43,087,562.22
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,418,140,431.25
End of the Month Finance Charge Receivables: $ 107,106,395.88
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,525,246,827.13
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 2,140,171,875.00
End of the Month Seller Amount $ 277,968,556.25
End of the Month Seller Percentage 11.50%
PERFORMANCE SUMMARY
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 67,216,219.32
60-89 Days Delinquent $ 41,180,899.99
90+ Days Delinquent $ 73,079,986.91
Total 30+ Days Delinquent $ 181,477,106.22
Delinquent Percentage 7.19%
Defaulted Accounts During the Month $ 20,290,928.63
Annualized Default Percentage 10.30%
Principal Collections $ 204,083,673.04
Principal Payment Rate 8.64%
Total Payment Rate 10.11%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 274,500,000.00
9/97 Page 2
Class B Initial Invested Amount $ 25,500,000.00
INITIAL INVESTED AMOUNT $ 300,000,000.00
Class A Invested Amount $ 68,625,000.00
Class B Invested Amount $ 25,500,000.00
INVESTED AMOUNT $ 94,125,000.00
FLOATING ALLOCATION PERCENTAGE 4.66%
PRINCIPAL ALLOCATION PERCENTAGE 11.92%
MONTHLY SERVICING FEE $ 185,468.75
INVESTOR DEFAULT AMOUNT $ 945,557.28
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 77.09%
Class A Finance Charge Collections $ 1,730,152.39
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 1,730,152.39
Class A Monthly Interest $ 418,630.37
Class A Servicing Fee $ 142,968.75
Class A Investor Default Amount $ 728,930.11
TOTAL CLASS A EXCESS SPREAD $ 439,623.16
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 22.91%
Class B Finance Charge Collections $ 514,184.39
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 514,184.39
Class B Monthly Interest $ 128,695.31
Class B Servicing Fee $ 42,500.00
TOTAL CLASS B EXCESS SPREAD $ 342,989.08
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 782,612.24
9/97 Page 3
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B Items $ 216,627.17
Excess Spread Applied to Class B Investor $ 0.00
Charge Offs
Excess Spread Applied to Monthly Cash $ 2,396.46
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 563,588.61
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 10,569,266.81
SERIES 1994-2 EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1994-2
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Items
Excess Finance Charge Collections Applied to $ 0.00
Class B Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
YIELD AND BASE RATE --
Base Rate (Current Month) 7.90%
Base Rate (Prior Month) 7.89%
9/97 Page 4
Base Rate (Two Months Ago) 7.91%
THREE MONTH AVERAGE BASE RATE 7.90%
Portfolio Yield (Current Month) 14.01%
Portfolio Yield (Prior Month) 12.22%
Portfolio Yield (Two Months Ago) 14.20%
THREE MONTH AVERAGE PORTFOLIO YIELD 13.48%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 91.50%
Class A Principal Collections $ 18,753,509.95
CLASS B PRINCIPAL PERCENTAGE 8.50%
Class B Principal Collections $ 5,573,263.89
TOTAL PRINCIPAL COLLECTIONS $ 24,326,773.84
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A AMORTIZATION --
Controlled Amortization Amount $ 17,156,250.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 17,156,250.00
CLASS B AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 7,170,523.84
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
9/97 Page 5
CLASS B INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Initial Cash Collateral Amount $ 39,000,000.00
Required Cash Collateral Amount $ 12,236,250.00
Available Cash Collateral Amount $ 12,236,250.00
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
Assistant Controller
9/97 Page 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST
SERIES 1994-3
Pursuant to the Pooling and Servicing Agreement dated
as of August 1, 1994 (hereinafter as such agreement may have been
or may be from time to time, supplemented, amended, or otherwise
modified, the "Pooling and Servicing"), between Chevy
Chase Bank, F.S.B., as Seller and Servicer ("Chevy Chase"), and
Bankers Trust Company, as trustee (the "Trustee"), Chevy Chase as
Servicer is required to prepare certain information each month
regarding current distributions to Certificateholders and the
performance of the Chevy Chase Master Credit Card Trust (the
"Trust") during the previous month. The information which is
required to be prepared with respect to the Distribution Date of
October 15, 1997 and with respect to the performance of the Trust
during the month of September, 1997 is set forth below. Certain of
the information is presented on the basis of an original
principal amount of $1,000 per Series 1994-3 Certificate (a
"Certificate"). Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal
amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 64.6277995
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 2.1277995
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class A
Certificates, per $1,000 original
certificate principal amount $ 62.5000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
9/97 Page 2
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect to
all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.0260416
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.0260416
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
9/97 Page 3
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Jessica L. Parker
Vice President and
Assistant Controller
9/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1994-3
CHEVY CHASE MASTER CREDIT CARD TRUST
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,363,008,379.88
Beginning of the Month Finance Charge Receivables $ 102,999,197.89
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,466,007,577.77
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 42,763,679.48
Additional Finance Charge Receivables: $ 323,882.74
Additional Total Receivables: $ 43,087,562.22
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,418,140,431.25
End of the Month Finance Charge Receivable $ 107,106,395.88
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,525,246,827.13
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 2,140,171,875.00
End of the Month Seller Amount $ 277,968,556.25
End of the Month Seller Percentage 11.50%
PERFORMANCE SUMMARY
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 67,216,219.32
60-89 Days Delinquent $ 41,180,899.99
90+ Days Delinquent $ 73,079,986.91
Total 30+ Days Delinquent $ 181,477,106.22
Delinquent Percentage 7.19%
Defaulted Accounts During the Month $ 20,290,928.63
Annualized Default Percentage 10.30%
Principal Collections $ 204,083,673.04
Principal Payment Rate 8.64%
Total Payment Rate 10.11%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 234,240,000.00
9/97 Page 2
Class B Initial Invested Amount $ 21,760,000.00
INITIAL INVESTED AMOUNT $ 256,000,000.00
Class A Invested Amount $ 171,562,500.00
Class B Invested Amount $ 42,500,000.00
INVESTED AMOUNT $ 214,062,500.00
FLOATING ALLOCATION PERCENTAGE 10.17%
PRINCIPAL ALLOCATION PERCENTAGE 20.71%
MONTHLY SERVICING FEE $ 404,427.08
INVESTOR DEFAULT AMOUNT $ 2,063,587.44
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 82.49%
Class A Finance Charge Collections $ 4,040,024.32
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 4,040,024.32
Class A Monthly Interest $ 973,468.26
Class A Servicing Fee $ 333,593.75
Class A Investor Default Amount $ 1,702,253.28
TOTAL CLASS A EXCESS SPREAD $ 1,030,709.03
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 17.51%
Class B Finance Charge Collections $ 857,585.01
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 857,585.01
Class B Monthly Interest $ 213,606.77
Class B Servicing Fee $ 70,833.33
TOTAL CLASS B EXCESS SPREAD $ 573,144.91
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,603,853.94
9/97 Page 3
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B Items $ 361,334.16
Excess Spread Applied to Class B Investor $ 0.00
Charge Offs
Excess Spread Applied to Monthly Cash $ 7,321.83
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 1,235,197.95
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 10,569,266.81
SERIES 1994-3 EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1994-3
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Items
Excess Finance Charge Collections Applied to $ 0.00
Class B Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
YIELD AND BASE RATE --
Base Rate (Current Month) 7.87%
Base Rate (Prior Month) 7.86%
9/97 Page 4
Base Rate (Two Months Ago) 7.89%
THREE MONTH AVERAGE BASE RATE 7.87%
Portfolio Yield (Current Month) 14.01%
Portfolio Yield (Prior Month) 12.22%
Portfolio Yield (Two Months Ago) 14.20%
THREE MONTH AVERAGE PORTFOLIO YIELD 13.48%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 91.50%
Class A Principal Collections $ 34,864,999.59
CLASS B PRINCIPAL PERCENTAGE 8.50%
Class B Principal Collections $ 7,400,729.08
TOTAL PRINCIPAL COLLECTIONS $ 42,265,728.67
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A AMORTIZATION --
Controlled Amortization Amount $ 28,593,750.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 28,593,750.00
CLASS B AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 13,671,978.67
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
9/97 Page 5
CLASS B INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 27,828,125.00
Available Cash Collateral Amount $ 27,828,125.00
INTEREST RATE CAP PAYMENTS --
Class A Interest Rate Cap Payments $ 0.00
Class B Interest Rate Cap Payments $ 0.00
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
Assistant Controller
9/97 Page 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST
SERIES 1994-4
Pursuant to the Amended and Restated Pooling and Servicing
Agreement dated as of August 1, 1994, as amended by the First
Amendment to the Amended and Restated Pooling and Servicing
Agreement, dated as of September 28, 1994 (hereinafter as such
agreement may have been or may be from time to time,
supplemented, amended or otherwise modified, the "Pooling and
Servicing"), between Chase Bank, F.S.B., as Seller and Servicer
("Chevy Chase") and Bankers Trust Company, as trustee
(the "Trustee"), Chevy Chase as Servicer is required to prepare certain
information each month regarding current distributions to Certificate-
holders and the performance of the Chevy Chase Master Credit Card
Trust (the "Trust") during the previous month. The information which is
required to be prepared with respect to the Distribution Date of
October 15, 1997, and with respect to the performance of the Trust
during the month of September, 1997 is set forth below. Certain of
the information is presented on the basis of an original
principal amount of $1,000 per Series 1994-4 Certificate (a
"Certificate"). Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal
amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 64.9317708
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 2.4317708
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 62.5000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
9/97 Page 2
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.0468750
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.0468750
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
9/97 Page 3
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Jessica L. Parker
Vice President and
Assistant Controller
9/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1994-4
CHEVY CHASE MASTER CREDIT CARD TRUST
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,363,008,379.88
Beginning of the Month Finance Charge Receivables: $ 102,999,197.89
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,466,007,577.77
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 42,763,679.48
Additional Finance Charge Receivables: $ 323,882.74
Additional Total Receivables: $ 43,087,562.22
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,418,140,431.25
End of the Month Finance Charge Receivables: $ 107,106,395.88
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,525,246,827.13
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 2,140,171,875.00
End of the Month Seller Amount $ 277,968,556.25
End of the Month Seller Percentage 11.50%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 67,216,219.32
60-89 Days Delinquent $ 41,180,899.99
90+ Days Delinquent $ 73,079,986.91
Total 30+ Days Delinquent $ 181,477,106.22
Delinquent Percentage 7.19%
Defaulted Accounts During the Month $ 20,290,928.63
Annualized Default Percentage 10.30%
Principal Collections 204,083,673.04
Principal Payment Rate 8.64%
Total Payment Rate 10.11%
INVESTED AMOUNTS
9/97 Page 2
Class A Initial Invested Amount $ 285,022,500.00
Class B Initial Invested Amount $ 26,477,500.00
INITIAL INVESTED AMOUNT $ 311,500,000.00
Class A Invested Amount $ 140,109,375.00
Class B Invested Amount $ 29,750,000.00
INVESTED AMOUNT $ 169,859,375.00
FLOATING ALLOCATION PERCENTAGE 7.95%
PRINCIPAL ALLOCATION PERCENTAGE 14.33%
MONTHLY SERVICING FEE $ 316,458.33
INVESTOR DEFAULT AMOUNT $ 1,613,128.82
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 84.33%
Class A Finance Charge Collections $ 3,230,548.80
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 3,230,548.80
Class A Monthly Interest $ 778,774.61
Class A Servicing Fee $ 266,875.00
Class A Investor Default Amount $ 1,360,351.53
TOTAL CLASS A EXCESS SPREAD $ 824,547.66
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 15.67%
Class B Finance Charge Collections $ 600,287.83
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 600,287.83
Class B Monthly Interest $ 150,144.53
Class B Servicing Fee $ 49,583.33
TOTAL CLASS B EXCESS SPREAD $ 400,559.97
EXCESS SPREAD --
9/97 Page 3
TOTAL EXCESS SPREAD $ 1,225,107.63
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B Items $ 252,777.29
Excess Spread Applied to Class B Investor $ 0.00
Charge Offs
Excess Spread Applied to Monthly Cash $ 6,041.49
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 966,288.85
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 10,569,266.81
SERIES 1994-4 EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1994-4
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Items
Excess Finance Charge Collections Applied to $ 0.00
Class B Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
YIELD AND BASE RATE --
9/97 Page 4
Base Rate (Current Month) 7.87%
Base Rate (Prior Month) 7.86%
Base Rate (Two Months Ago) 7.89%
THREE MONTH AVERAGE BASE RATE 7.87%
Portfolio Yield (Current Month) 14.02%
Portfolio Yield (Prior Month) 12.22%
Portfolio Yield (Two Months Ago) 14.20%
THREE MONTH AVERAGE PORTFOLIO YIELD 13.48%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 91.50%
Class A Principal Collections $ 24,662,469.02
CLASS B PRINCIPAL PERCENTAGE 8.50%
Class B Principal Collections $ 4,582,721.34
TOTAL PRINCIPAL COLLECTIONS $ 29,245,190.36
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A AMORTIZATION --
Controlled Amortization Amount $ 20,015,625.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 20,015,625.00
CLASS B AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 9,229,565.36
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
9/97 Page 5
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 22,081,718.75
Available Cash Collateral Amount $ 22,081,718.75
INTEREST RATE CAP PAYMENTS --
Class A Interest Rate Cap Paymets $ 0.00
Class B Interest Rate Cap Paymets $ 0.00
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
Assistant Controller
9/97 Page 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST
SERIES 1994-5
Pursuant to the Amended and Restated Pooling and Servicing
Agreement dated as of August 1, 1994, as amended by the First Amendment
to the Amended and Restated Pooling and Servicing Agreement, dated
as of September 28, 1994 (hereinafter as such agreement may have been
or may be from time to time, supplemented, amended, or otherwise
modified, the "Pooling and Servicing"), between Chevy
Chase Bank, F.S.B., as Seller and Servicer ("Chevy Chase"), and
Bankers Trust Company, as trustee (the "Trustee"), Chevy Chase as
Servicer is required to prepare certain information each month
regarding current distributions to Certificateholders and the
performance of the Chevy Chase Master Credit Card Trust (the
"Trust") during the previous month. The information which is
required to be prepared with respect to the Distribution Date of
October 15, 1997, and with respect to the performance of the Trust
during the month of September, 1997 is set forth below. Certain of
the information is presented on the basis of an original
principal amount of $1,000 per Series 1994-5 Certificate (a
"Certificate"). Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 4.8885417
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 4.8885417
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
9/97 Page 2
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.0635418
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.0635418
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
9/97 Page 3
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________________
Jessica L. Parker
Vice President and
Assistant Controller
9/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
CHEVY CHASE MASTER CREDIT CARD TRUST
Series 1994-5
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,363,008,379.88
Beginning of the Month Finance Charge Receivables: $ 102,999,197.89
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,466,007,577.77
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 42,763,679.48
Additional Finance Charge Receivables: $ 323,882.74
Additional Total Receivables: $ 43,087,562.22
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,418,140,431.25
End of the Month Finance Charge Receivables: $ 107,106,395.88
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,525,246,827.13
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 2,140,171,875.00
End of the Month Seller Amount $ 277,968,556.25
End of the Month Seller Percentage 11.50%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 67,216,219.32
60-89 Days Delinquent $ 41,180,899.99
90+ Days Delinquent $ 73,079,986.91
Total 30+ Days Delinquent $ 181,477,106.22
Delinquent Percentage 7.19%
Defaulted Accounts During the Month $ 20,290,928.63
Annualized Default Percentage 10.30%
Principal Collections 204,083,673.04
Principal Payment Rate 8.64%
Total Payment Rate 10.11%
INVESTED AMOUNTS
9/97 Page 2
Class A Initial Invested Amount $ 230,000,000.00
Class B Initial Invested Amount $ 20,000,000.00
INITIAL INVESTED AMOUNT $ 250,000,000.00
Class A Invested Amount $ 322,000,000.00
Class B Invested Amount $ 28,000,000.00
INVESTED AMOUNT $ 350,000,000.00
FLOATING ALLOCATION PERCENTAGE 14.66%
PRINCIPAL ALLOCATION PERCENTAGE 14.66%
MONTHLY SERVICING FEE $ 583,333.34
INVESTOR DEFAULT AMOUNT $ 2,974,650.14
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 92.00%
Class A Finance Charge Collections $ 6,498,274.74
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 6,498,274.74
Class A Monthly Interest $ 1,574,110.42
Class A Servicing Fee $ 536,666.67
Class A Investor Default Amount $ 2,736,678.13
TOTAL CLASS A EXCESS SPREAD $ 1,650,819.52
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.00%
Class B Finance Charge Collections $ 565,067.38
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 565,067.38
Class B Monthly Interest $ 141,779.17
Class B Servicing Fee $ 46,666.67
TOTAL CLASS B EXCESS SPREAD $ 376,621.54
EXCESS SPREAD --
9/97 Page 3
TOTAL EXCESS SPREAD $ 2,027,441.06
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B Items $ 237,972.01
Excess Spread Applied to Class B Investor $ 0.00
Charge Offs
Excess Spread Applied to Monthly Cash $ 19,174.88
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 1,770,294.17
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 10,569,266.81
SERIES 1994-5 EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1994-5
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Items
Excess Finance Charge Collections Applied to $ 0.00
Class B Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
YIELD AND BASE RATE --
9/97 Page 4
Base Rate (Current Month) 7.88%
Base Rate (Prior Month) 7.88%
Base Rate (Two Months Ago) 7.91%
THREE MONTH AVERAGE BASE RATE 7.89%
Portfolio Yield (Current Month) 14.02%
Portfolio Yield (Prior Month) 12.21%
Portfolio Yield (Two Months Ago) 14.20%
THREE MONTH AVERAGE PORTFOLIO YIELD 13.48%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 92.00%
Class A Principal Collections $ 27,540,197.23
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $ 2,394,799.78
TOTAL PRINCIPAL COLLECTIONS $ 29,934,997.01
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
CLASS B AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 29,934,997.01
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
9/97 Page 5
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 49,000,000.00
Available Cash Collateral Amount $ 49,000,000.00
INTEREST RATE CAP PAYMENTS --
Class A Interest Rate Cap Paymets $ 0
Class B Interest Rate Cap Paymets $ 0
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
Assistant Controller
9/97 Page 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST
SERIES 1995-1
Pursuant to the Amended and Restated Pooling and Servicing
Agreement dated as of August 1, 1994, as amended by the First Amendment
to the Amended and Restated Pooling and Servicing Agreement, dated
as of September 28, 1994 (hereinafter as such agreement may have been
or may be from time to time, supplemented, amended, or otherwise
modified, the "Pooling and Servicing"), between Chevy
Chase Bank, F.S.B., as Seller and Servicer ("Chevy Chase"), and
Bankers Trust Company, as trustee (the "Trustee"), Chevy Chase as
Servicer is required to prepare certain information each month
regarding current distributions to Certificateholders and the
performance of the Chevy Chase Master Credit Card Trust (the
"Trust") during the previous month. The information which is
required to be prepared with respect to the Distribution Date of
October 15, 1997, and with respect to the performance of the Trust
during the month of September, 1997 is set forth below. Certain of
the information is presented on the basis of an original
principal amount of $1,000 per Series 1995-1 Certificate (a
"Certificate"). Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement or
the Series 1995-1 Supplement dated as of March 1, 1995 between
Chevy Chase, as Seller and Servicer, and the Trustee (as amended
and supplemented , the "Series Supplement".
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 4.8802083
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 4.8802083
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
9/97 Page 2
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.0052085
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.0052085
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
9/97 Page 3
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________________
Jessica L. Parker
Vice President and
Assistant Controller
9/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1995-1
CHEVY CHASE MASTER CREDIT CARD TRUST
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,363,008,379.88
Beginning of the Month Finance Charge Receivables: $ 102,999,197.89
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,466,007,577.77
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 42,763,679.48
Additional Finance Charge Receivables $ 323,882.74
Additional Total Receivables: $ 43,087,562.22
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,418,140,431.25
End of the Month Finance Charge Receivables: $ 107,106,395.88
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,525,246,827.13
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 2,140,171,875.00
End of the Month Seller Amount $ 277,968,556.25
End of the Month Seller Percentage 11.50%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 67,216,219.32
60-89 Days Delinquent $ 41,180,899.99
90+ Days Delinquent $ 73,079,986.91
Total 30+ Days Delinquent $ 181,477,106.22
Delinquent Percentage 7.19%
Defaulted Accounts During the Month $ 20,290,928.63
Annualized Default Percentage 10.30%
Principal Collections 204,083,673.04
Principal Payment Rate 8.64%
Total Payment Rate 10.11%
9/97 Page 2
INVESTED AMOUNTS
Class A Initial Invested Amount $ 273,750,000.00
Class B Initial Invested Amount $ 26,250,000.00
INITIAL INVESTED AMOUNT $ 300,000,000.00
Class A Invested Amount $ 319,375,000.00
Class B Invested Amount $ 30,625,000.00
INVESTED AMOUNT $ 350,000,000.00
FLOATING ALLOCATION PERCENTAGE 14.66%
PRINCIPAL ALLOCATION PERCENTAGE 14.66%
MONTHLY SERVICING FEE $ 583,333.34
INVESTOR DEFAULT AMOUNT $ 2,974,650.14
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 91.25%
Class A Finance Charge Collections $ 6,445,299.66
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 6,445,299.66
Class A Monthly Interest $ 1,558,616.54
Class A Servicing Fee $ 532,291.67
Class A Investor Default Amount $ 2,714,368.25
TOTAL CLASS A EXCESS SPREAD $ 1,640,023.20
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.75%
Class B Finance Charge Collections $ 618,042.45
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 618,042.45
Class B Monthly Interest $ 153,284.51
Class B Servicing Fee $ 51,041.67
TOTAL CLASS B EXCESS SPREAD $ 413,716.27
9/97 Page 3
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 2,053,739.47
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B Items $ 260,281.89
Excess Spread Applied to Class B Investor $ 0.00
Charge Offs
Excess Spread Applied to Monthly Cash $ 16,861.98
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 1,776,595.60
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 10,569,266.81
SERIES 1995-1 EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1995-1
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Items
Excess Finance Charge Collections Applied to $ 0.00
Class B Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
9/97 Page 4
YIELD AND BASE RATE --
Base Rate (Current Month) 7.87%
Base Rate (Prior Month) 7.87%
Base Rate (Two Months Ago) 7.89%
THREE MONTH AVERAGE BASE RATE 7.88%
Portfolio Yield (Current Month) 14.02%
Portfolio Yield (Prior Month) 12.21%
Portfolio Yield (Two Months Ago) 14.20%
THREE MONTH AVERAGE PORTFOLIO YIELD 13.48%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 91.25%
Class A Principal Collections $ 27,315,684.75
CLASS B PRINCIPAL PERCENTAGE 8.75%
Class B Principal Collections $ 2,619,312.22
TOTAL PRINCIPAL COLLECTIONS $ 29,934,996.97
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
CLASS B AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 29,934,996.97
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
9/97 Page 5
CLASS B INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 45,500,000.00
Available Cash Collateral Amount $ 45,500,000.00
INTEREST RATE CAP PAYMENTS --
Class A Interest Rate Cap Payments $ 0.00
Class B Interest Rate Cap Payments $ 0.00
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
Assistant Controller
