CHEVY CHASE MASTER CREDIT CARD TRUST
8-K/A, 1998-05-21
ASSET-BACKED SECURITIES
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    4/98                                                      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:)   May 15, 1998
                                                        
                                                                  
                   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)







    4/98                                                         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
                May 15, 1998 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:   May 15, 1998    By: ___________________________________

                                        Mark A. Holles
                                        Vice President
  


4/98                                                          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
May 15, 1998 and with respect to the performance of the Trust
during the month of April, 1998 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           $      0.0000000

           (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                    $      0.0000000

           (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                    $      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
           above, per $1,000 original certificate
           principal amount                                $      0.0000000




4/98                                                             Page 2


           (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





4/98                                                          Page 3


                                        CHEVY CHASE BANK, F.S.B.,
                                          Servicer
                                                  Mark A. Holles
                                        By  ________________________
                                                  Mark A. Holles
                                                  Vice President 




4/98                                                              Page 1


              MONTHLY STATEMENT TO CERTIFICATEHOLDERS
                             SERIES 1994-3
               CHEVY CHASE MASTER CREDIT CARD TRUST

RECEIVABLES

Beginning of the Month Principal Receivables:              $  2,371,940,283.57
Beginning of the Month Finance Charge Receivables:         $    109,552,781.03
Beginning of the Month Discounted Receivables:             $              0.00
Beginning of the Month Total Receivables:                  $  2,481,493,064.60


Removed Principal Receivables:                             $              0.00
Removed Finance Charge Receivables:                        $              0.00
Removed Total Receivables:                                 $              0.00

Additional Principal Receivables:                          $     47,591,844.08
Additional Finance Charge Receivables:                     $        554,567.84
Additional Total Receivables:                              $     48,146,411.92


Discounted Receivables Generated this Period:              $              0.00


End of the Month Principal Receivables:                    $  2,416,751,900.41
End of the Month Finance Charge Receivables:               $    111,192,636.53
End of the Month Discounted Receivables:                   $              0.00
End of the Month Total Receivables:                        $  2,527,944,536.94


Special Funding Account Balance                            $              0.00
Aggregate Invested Amount (all Master Trust Series)        $  2,051,000,000.00
End of the Month Seller Amount                             $    365,751,900.41
End of the Month Seller Percentage                                       15.13%


PERFORMANCE SUMMARY


End of the Month Delinquencies:                                 RECEIVABLES

   30-59 Days Delinquent                                   $     54,314,502.45
   60-89 Days Delinquent                                   $     35,481,594.93
   90+ Days Delinquent                                     $     69,535,715.59

   Total 30+ Days Delinquent                               $    159,331,812.97
   Delinquent Percentage                                                  6.30%

Defaulted Accounts During the Month                        $     22,407,239.14
Annualized Default Percentage                                            11.34%

Principal Collections                                      $    241,206,358.36
Principal Payment Rate                                                   10.17%

Total Payment Rate                                                       11.34%


INVESTED AMOUNTS





4/98                                                           Page 2


   Class A Initial Invested Amount        $ 234,240,000.00
   Class B Initial Invested Amount        $  21,760,000.00

INITIAL INVESTED AMOUNT                                    $    256,000,000.00

   Class A Invested Amount                $           0.00
   Class B Invested Amount                $  21,250,000.00

INVESTED AMOUNT                                            $     21,250,000.00

FLOATING ALLOCATION PERCENTAGE                                            1.78%
PRINCIPAL ALLOCATION PERCENTAGE                                          20.71%


MONTHLY SERVICING FEE                                      $         70,833.33

INVESTOR DEFAULT AMOUNT                                    $        398,848.86


CLASS A AVAILABLE FUNDS--


CLASS A FLOATING PERCENTAGE                                               0.00%

   Class A Finance Charge Collections     $           0.00
   Other Amounts                          $           0.00

TOTAL CLASS A AVAILABLE FUNDS                              $              0.00

    
   Class A Monthly Interest               $           0.00
   Class A Servicing Fee                  $           0.00
   Class A Investor Default Amount        $           0.00

TOTAL CLASS A EXCESS SPREAD                                $              0.00


REQUIRED AMOUNT                                            $              0.00


CLASS B AVAILABLE FUNDS


CLASS B FLOATING PERCENTAGE                                             100.00%

   Class B Finance Charge Collections     $     768,182.04
   Other Amounts                          $           0.00

TOTAL CLASS B AVAILABLE FUNDS                              $        768,182.04


   Class B Monthly Interest               $     213,606.77
   Class B Servicing Fee                  $      70,833.33


TOTAL CLASS B EXCESS SPREAD                                $        483,741.94

EXCESS SPREAD --





4/98                                                           Page 3


TOTAL EXCESS SPREAD                                        $        483,741.94


   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                  $        398,848.86

   Excess Spread Applied to Class B Investor               $              0.00
   Charge Offs

   Excess Spread Applied to Monthly Cash                   $          1,593.75
   Collateral Fee

   Excess Spread Applied to Cash Collateral                $              0.00
   Account

   Excess Spread Applied to other amounts owed             $         83,299.33
   Cash Collateral Depositor

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                                          $      3,294,412.87


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 --




4/98                                                           Page 4



   Base Rate (Current Month)                          8.03%
   Base Rate (Prior Month)                            7.98%
   Base Rate (Two Months Ago)                         7.89%

THREE MONTH AVERAGE BASE RATE                                             7.97%


   Portfolio Yield (Current Month)                   10.43%
   Portfolio Yield (Prior Month)                     14.10%
   Portfolio Yield (Two Months Ago)                  12.58%

THREE MONTH AVERAGE PORTFOLIO YIELD                                      12.37%


PRINCIPAL COLLECTIONS --


CLASS A PRINCIPAL PERCENTAGE                                              0.00%

   Class A Principal Collections          $           0.00

CLASS B PRINCIPAL PERCENTAGE                                            100.00%

   Class B Principal Collections          $  49,953,836.81

TOTAL PRINCIPAL COLLECTIONS                                $     49,953,836.81





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         $  21,250,000.00
   Deficit Controlled Amortization Amount $           0.00

CONTROLLED DISTRIBUTION AMOUNT                             $     21,250,000.00

EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL        $     28,703,836.81
SHARING






INVESTOR CHARGE OFFS --



4/98                                                             Page 5




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


CASH COLLATERAL ACCOUNT --


   Required Cash Collateral Amount        $   5,000,000.00
   Available Cash Collateral Amount       $   5,000,000.00


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

                                          Mark A. Holles
                                By:  ________________________
                                          Mark A. Holles
                                          Vice President 










4/98                                                           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
May 15, 1998, and with respect to the performance of the Trust
during the month of April, 1998 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           $     62.8039714

          (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                    $      0.3039714

          (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
          Charge Offs set forth in paragraph 1
          above, per $1,000 original certificate



4/98                                                            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



4/98                                                             Page 3




                                       CHEVY CHASE BANK, F.S.B.,
                                         Servicer
                                                 Mark A. Holles
                                       By  ________________________

                                                 Mark A. Holles
                                                 Vice President 

4/98                                                           Page 1


              MONTHLY STATEMENT TO CERTIFICATEHOLDERS
                            SERIES 1994-4
               CHEVY CHASE MASTER CREDIT CARD TRUST

RECEIVABLES


Beginning of the Month Principal Receivables:              $  2,371,940,283.57
Beginning of the Month Finance Charge Receivables:         $    109,552,781.03
Beginning of the Month Discounted Receivables:             $              0.00
Beginning of the Month Total Receivables:                  $  2,481,493,064.60


Removed Principal Receivables:                             $              0.00
Removed Finance Charge Receivables:                        $              0.00
Removed Total Receivables:                                 $              0.00


Additional Principal Receivables:                          $     47,591,844.08
Additional Finance Charge Receivables:                     $        554,567.84
Additional Total Receivables:                              $     48,146,411.92


Discounted Receivables Generated this Period:              $              0.00

here
End of the Month Principal Receivables:                    $  2,416,751,900.41
End of the Month Finance Charge Receivables:               $    111,192,636.53
End of the Month Discounted Receivables:                   $              0.00
End of the Month Total Receivables:                        $  2,527,944,536.94


Special Funding Account Balance                            $              0.00
Aggregate Invested Amount (all Master Trust Series)        $  2,051,000,000.00
End of the Month Seller Amount                             $    365,751,900.41
End of the Month Seller Percentage                                       15.13%


DELINQUENCIES AND LOSSES


End of the Month Delinquencies:                                 RECEIVABLES

   30-59 Days Delinquent                                   $     54,314,502.45
   60-89 Days Delinquent                                   $     35,481,594.93
   90+ Days Delinquent                                     $     69,535,715.59


   Total 30+ Days Delinquent                               $    159,331,812.97
   Delinquent Percentage                                                  6.30%

Defaulted Accounts During the Month                        $     22,407,239.14
Annualized Default Percentage                                            11.34%

Principal Collections                                           241,206,358.36
Principal Payment Rate                                                   10.17%

Total Payment Rate                                                       11.34%





4/98                                                            Page 2


INVESTED AMOUNTS


   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                $           0.00
   Class B Invested Amount                $  29,750,000.00

INVESTED AMOUNT                                            $     29,750,000.00

FLOATING ALLOCATION PERCENTAGE                                            2.09%
PRINCIPAL ALLOCATION PERCENTAGE                                          14.33%


MONTHLY SERVICING FEE                                      $         82,942.71

INVESTOR DEFAULT AMOUNT                                    $        468,311.30


CLASS A AVAILABLE FUNDS--


CLASS A FLOATING PERCENTAGE                                              40.22%

   Class A Finance Charge Collections     $     362,282.77
   Other Amounts                          $           0.00

TOTAL CLASS A AVAILABLE FUNDS                              $        362,282.77

    
   Class A Monthly Interest               $      97,346.83
   Class A Servicing Fee                  $      33,359.38
   Class A Investor Default Amount        $     188,354.80

TOTAL CLASS A EXCESS SPREAD                                $         43,221.76


REQUIRED AMOUNT                                            $              0.00


CLASS B AVAILABLE FUNDS


CLASS B FLOATING PERCENTAGE                                              59.78%

   Class B Finance Charge Collections     $     538,470.35
   Other Amounts                          $           0.00

TOTAL CLASS B AVAILABLE FUNDS                              $        538,470.35


   Class B Monthly Interest               $     150,144.53
   Class B Servicing Fee                  $      49,583.33


TOTAL CLASS B EXCESS SPREAD                                $        338,742.49




4/98                                                           Page 3



EXCESS SPREAD --


TOTAL EXCESS SPREAD                                        $        381,964.25


   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                  $        279,956.50

   Excess Spread Applied to Class B Investor               $              0.00
   Charge Offs

   Excess Spread Applied to Monthly Cash                   $          1,866.21
   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                                                    $        100,141.54


EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --

TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL 
SERIES IN GROUP I                                          $      3,294,412.87


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



4/98                                                            Page 4


   other amounts owed Cash Collateral Depositor

YIELD AND BASE RATE --


   Base Rate (Current Month)                          7.97%
   Base Rate (Prior Month)                            7.96%
   Base Rate (Two Months Ago)                         7.88%

THREE MONTH AVERAGE BASE RATE                                             7.94%

   Portfolio Yield (Current Month)                   10.43%
   Portfolio Yield (Prior Month)                     14.11%
   Portfolio Yield (Two Months Ago)                  12.58%

THREE MONTH AVERAGE PORTFOLIO YIELD                                      12.37%


PRINCIPAL COLLECTIONS --

CLASS A PRINCIPAL PERCENTAGE                                             91.50%

   Class A Principal Collections          $  13,901,991.16

CLASS B PRINCIPAL PERCENTAGE                                              8.50%

   Class B Principal Collections          $  20,662,879.95

TOTAL PRINCIPAL COLLECTIONS                                $     34,564,871.11




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        $     14,549,246.11
SHARING


INVESTOR CHARGE OFFS --


CLASS A INVESTOR CHARGE OFFS                               $              0.00



4/98                                                               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        $   3,867,500.00
   Available Cash Collateral Amount       $   3,867,500.00


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

                                          Mark A. Holles
                                By:  _____________________________
                                          Mark A. Holles
                                          Vice President 






4/98                                                          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
May 15, 1998, and with respect to the performance of the Trust
during the month of April, 1998 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
          above, per $1,000 original certificate



4/98                                                           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           $      5.0635418

          (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



4/98                                                            Page 3




                                       CHEVY CHASE BANK, F.S.B.,
                                         Servicer
                                                 Mark A. Holles
                                       By  ________________________________
                                                 Mark A. Holles
                                                 Vice President 




4/98                                                         Page 1


              MONTHLY STATEMENT TO CERTIFICATEHOLDERS
               CHEVY CHASE MASTER CREDIT CARD TRUST
                          Series 1994-5

RECEIVABLES


Beginning of the Month Principal Receivables:              $  2,371,940,283.57
Beginning of the Month Finance Charge Receivables:         $    109,552,781.03
Beginning of the Month Discounted Receivables:             $              0.00
Beginning of the Month Total Receivables:                  $  2,481,493,064.60


Removed Principal Receivables:                             $              0.00
Removed Finance Charge Receivables:                        $              0.00
Removed Total Receivables:                                 $              0.00


Additional Principal Receivables:                          $     47,591,844.08
Additional Finance Charge Receivables:                     $        554,567.84
Additional Total Receivables:                              $     48,146,411.92


Discounted Receivables Generated this Period:              $              0.00


End of the Month Principal Receivables:                    $  2,416,751,900.41
End of the Month Finance Charge Receivables:               $    111,192,636.53
End of the Month Discounted Receivables:                   $              0.00
End of the Month Total Receivables:                        $  2,527,944,536.94


Special Funding Account Balance                            $              0.00
Aggregate Invested Amount (all Master Trust Series)        $  2,051,000,000.00
End of the Month Seller Amount                             $    365,751,900.41
End of the Month Seller Percentage                                       15.13%


DELINQUENCIES AND LOSSES


End of the Month Delinquencies:                                 RECEIVABLES

   30-59 Days Delinquent                                   $     54,314,502.45
   60-89 Days Delinquent                                   $     35,481,594.93
   90+ Days Delinquent                                     $     69,535,715.59


   Total 30+ Days Delinquent                               $    159,331,812.97
   Delinquent Percentage                                                  6.30%

Defaulted Accounts During the Month                        $     22,407,239.14
Annualized Default Percentage                                            11.34%

Principal Collections                                           241,206,358.36
Principal Payment Rate                                                   10.17%

Total Payment Rate                                                       11.34%





4/98                                                          Page 2


INVESTED AMOUNTS


   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                                    $      3,284,901.25


CLASS A AVAILABLE FUNDS--


CLASS A FLOATING PERCENTAGE                                              92.00%

   Class A Finance Charge Collections     $   5,822,845.26
   Other Amounts                          $           0.00

TOTAL CLASS A AVAILABLE FUNDS                              $      5,822,845.26

    
   Class A Monthly Interest               $   1,574,110.42
   Class A Servicing Fee                  $     536,666.67
   Class A Investor Default Amount        $   3,022,109.15

TOTAL CLASS A EXCESS SPREAD                                $        689,959.02


REQUIRED AMOUNT                                            $              0.00


CLASS B AVAILABLE FUNDS


CLASS B FLOATING PERCENTAGE                                               8.00%

   Class B Finance Charge Collections     $     506,334.35
   Other Amounts                          $           0.00

TOTAL CLASS B AVAILABLE FUNDS                              $        506,334.35


   Class B Monthly Interest               $     141,779.17
   Class B Servicing Fee                  $      46,666.67


TOTAL CLASS B EXCESS SPREAD                                $        317,888.51




4/98                                                            Page 3



EXCESS SPREAD --


TOTAL EXCESS SPREAD                                        $      1,007,847.53


   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                  $        262,792.10

   Excess Spread Applied to Class B Investor               $              0.00
   Charge Offs

   Excess Spread Applied to Monthly Cash                   $         20,472.92
   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                                                    $        724,582.51


EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --

TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL 
SERIES IN GROUP I                                          $      3,294,412.87


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



4/98                                                              Page 4


   other amounts owed Cash Collateral Depositor

YIELD AND BASE RATE --


   Base Rate (Current Month)                          7.88%
   Base Rate (Prior Month)                            7.91%
   Base Rate (Two Months Ago)                         7.85%

THREE MONTH AVERAGE BASE RATE                                             7.88%

   Portfolio Yield (Current Month)                   10.44%
   Portfolio Yield (Prior Month)                     14.10%
   Portfolio Yield (Two Months Ago)                  12.56%

THREE MONTH AVERAGE PORTFOLIO YIELD                                      12.37%


PRINCIPAL COLLECTIONS --

CLASS A PRINCIPAL PERCENTAGE                                             92.00%

   Class A Principal Collections          $  32,484,465.84

CLASS B PRINCIPAL PERCENTAGE                                              8.00%

   Class B Principal Collections          $   2,824,736.15

TOTAL PRINCIPAL COLLECTIONS                                $     35,309,201.99


                                                           


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        $     35,309,201.99
SHARING



INVESTOR CHARGE OFFS --




4/98                                                            Page 5



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


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

                                          Mark A. Holles
                                By:  ________________________
                                          Mark A. Holles
                                          Vice President 



4/98                                                             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
May 15, 1998, and with respect to the performance of the Trust
during the month of April, 1998 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

          (1)   The amount of Class A Investor
          Charge Offs                                     $      0.0000000



4/98                                                           Page 2



          (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

          (5)   The amount, if any, by which the 



4/98                                                          Page 3


          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
                                                 Mark A. Holles
                                       By  ________________________________
                                                 Mark A. Holles
                                                 Vice President 






4/98                                                              Page 1


              MONTHLY STATEMENT TO CERTIFICATEHOLDERS
                          SERIES 1995-1
               CHEVY CHASE MASTER CREDIT CARD TRUST

RECEIVABLES


Beginning of the Month Principal Receivables:              $  2,371,940,283.57
Beginning of the Month Finance Charge Receivables:         $    109,552,781.03
Beginning of the Month Discounted Receivables:             $              0.00
Beginning of the Month Total Receivables:                  $  2,481,493,064.60


Removed Principal Receivables:                             $              0.00
Removed Finance Charge Receivables:                        $              0.00
Removed Total Receivables:                                 $              0.00


Additional Principal Receivables:                          $     47,591,844.08
Additional Finance Charge Receivables:                     $        554,567.84
Additional Total Receivables:                              $     48,146,411.92


Discounted Receivables Generated this Period:              $              0.00


End of the Month Principal Receivables:                    $  2,416,751,900.41
End of the Month Finance Charge Receivables:               $    111,192,636.53
End of the Month Discounted Receivables:                   $              0.00
End of the Month Total Receivables:                        $  2,527,944,536.94


Special Funding Account Balance                            $              0.00
Aggregate Invested Amount (all Master Trust Series)        $  2,051,000,000.00
End of the Month Seller Amount                             $    365,751,900.41
End of the Month Seller Percentage                                       15.13%


DELINQUENCIES AND LOSSES


End of the Month Delinquencies:                                 RECEIVABLES


   30-59 Days Delinquent                                   $     54,314,502.45
   60-89 Days Delinquent                                   $     35,481,594.93
   90+ Days Delinquent                                     $     69,535,715.59


   Total 30+ Days Delinquent                               $    159,331,812.97
   Delinquent Percentage                                                  6.30%

Defaulted Accounts During the Month                        $     22,407,239.14
Annualized Default Percentage                                            11.34%

Principal Collections                                           241,206,358.36
Principal Payment Rate                                                   10.17%

Total Payment Rate                                                       11.34%




4/98                                                              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                                    $      3,284,901.25


CLASS A AVAILABLE FUNDS--


CLASS A FLOATING PERCENTAGE                                              91.25%

   Class A Finance Charge Collections     $   5,775,376.39
   Other Amounts                          $           0.00

TOTAL CLASS A AVAILABLE FUNDS                              $      5,775,376.39

    
   Class A Monthly Interest               $   1,558,616.54
   Class A Servicing Fee                  $     532,291.67
   Class A Investor Default Amount        $   2,997,472.39

TOTAL CLASS A EXCESS SPREAD                                $        686,995.79


REQUIRED AMOUNT                                            $              0.00


CLASS B AVAILABLE FUNDS


CLASS B FLOATING PERCENTAGE                                               8.75%

   Class B Finance Charge Collections     $     553,803.23
   Other Amounts                          $           0.00

TOTAL CLASS B AVAILABLE FUNDS                              $        553,803.23


   Class B Monthly Interest               $     153,284.51
   Class B Servicing Fee                  $      51,041.67


TOTAL CLASS B EXCESS SPREAD                                $        349,477.05



4/98                                                            Page 3




EXCESS SPREAD --


TOTAL EXCESS SPREAD                                        $      1,036,472.84


   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                  $        287,428.86

   Excess Spread Applied to Class B Investor               $              0.00
   Charge Offs

   Excess Spread Applied to Monthly Cash                   $         18,774.07
   Collateral Fee

   Excess Spread Applied to Cash Collateral                $              0.00
   Account

   Excess Spread Applied to other amounts owed             $        730,269.91
   Cash Collateral Depositor

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                                          $      3,294,412.87


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




4/98                                                          Page 4


   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)                            7.90%
   Base Rate (Two Months Ago)                         7.84%

THREE MONTH AVERAGE BASE RATE                                             7.87%

   Portfolio Yield (Current Month)                   10.44%
   Portfolio Yield (Prior Month)                     14.10%
   Portfolio Yield (Two Months Ago)                  12.56%

THREE MONTH AVERAGE PORTFOLIO YIELD                                      12.37%


PRINCIPAL COLLECTIONS --

CLASS A PRINCIPAL PERCENTAGE                                             91.25%

   Class A Principal Collections          $  32,219,646.82

CLASS B PRINCIPAL PERCENTAGE                                              8.75%

   Class B Principal Collections          $   3,089,555.16

TOTAL PRINCIPAL COLLECTIONS                                $     35,309,201.98


                                                           $              0.00


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        $     35,309,201.98
SHARING



INVESTOR CHARGE OFFS --



4/98                                                          Page 5




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


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

                                          Mark A. Holles
                                By:  ________________________
                                          Mark A. Holles
                                          Vice President 





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