SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549
         
                                  FORM 10 - K
       
                Annual Report Pursuant to Section 13 or 15(d) of
                      the Securities Exchange Act of 1934
         
         
      For the fiscal year ended:                 Commission file number:
          December 31, 1996                            33-99334
         
         
         
         
                   Chevy Chase Master Credit Card Trust II
             ____________________________________________________
                   (Exact name of registrant as specified in charter)
         
         
         
                Maryland                                  52-0897004
     ________________________________                  ________________
      (State or other jurisdiction of                  (I.R.S. Employer
       incorporation or organization)                  Identification No.)
                  
         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
                                                        ________________
         
    Securities registered pursuant to Section 12(b) of the Act:
         
                                None
         
      Securities registered pursuant to Section 12(g) of the Act:
         
                      Chevy Chase Master Credit Card Trust II
 $ 368,000,000 Class A Floating Rate Asset Backed Certificates, Series 1995-A
  $ 32,000,000 Class B Floating Rate Asset Backed Certificates, Series 1995-A
         
 $ 368,000,000 Class A Floating Rate Asset Backed Certificates, Series 1995-C
  $ 32,000,000 Class B Floating Rate Asset Backed Certificates, Series 1995-C
         
 $ 369,000,000 Class A Floating Rate Asset Backed Certificates, Series 1996-A
  $ 38,250,000 Class B Floating Rate Asset Backed Certificates, Series 1996-A
         
 $ 246,000,000 Class A Floating Rate Asset Backed Certificates, Series 1996-C
  $ 25,500,000 Class B Floating Rate Asset Backed Certificates, Series 1996-C
         
          
      Indicate by check mark whether the Registrant has (1) filed


         all reports required to be filed by Section 13 or 15(d) of the
         Securities Exchange Act of 1934 during the preceding 12 months
         (or for such shorter period that the Registrant was required 
         to file such reports) and (2) has been subject to such filing
         requirements for the past 90 days.
         
         
                   Yes   X    No
                       _____     _____
         
         The Registrant has no voting stock or class of common stock 
         outstanding as of the date of this report.
         
                               
                              Page 1

 <PAGE>

                             Introductory Note
         
         
         Chevy Chase Bank, F.S.B. (the "Bank")is the seller and
         servicer under the Pooling and Servicing Agreement (the 
         "Agreement"), dated as of June 1, 1995 by and between   
         the Bank and the Bankers Trust Company, as
         the trustee, providing for the issuance from time to time
         of one or more Series of Asset Backed Certificates and is
         the originator of the Chevy Chase Master Credit Card
         Trust II (the "Registrant" or the "Trust"). The Certificates
         listed on page 1 hereof will be referred to collectively
         herein as the "Certificates". The Certificates do not
         represent obligations of or interests in the Bank.  The
         Bank has made application for an exemption from certain
         reporting requirements.  Pursuant to a letter from the
         Security and Exchange Commission, Division of
         Corporation  Finance, Office of Chief Council, dated July
         31, 1989 granting the Bank's application, the Bank is not
         required to respond to various items of Form 10-K. 
         Such items are designated herein as "Not Applicable".
         
                  
                                 Part I
         
         Item 1    Business
         
                   Not Applicable
         
         
         Item 2    Properties
         
                   Not Applicable
         
         
         Item 3    Legal Proceedings 
         
                   None
         
         
         Item 4    Submission Of Matters To A Vote Of Security Holders 
         

                   None
         
         
                               Page 2


 <PAGE>       
         
                                Part II
         
         
         Item 5    Market For Registrant's Common Equity
                   And Related Stockholder Matters
         
    Each of the Certificates, representing investors' interests
    in the Trust, are represented by a single certificate registered
    in the name of Cede & Co., the nominee of The Depository Trust Company.
         
         
         
         To the best knowledge of the Registrant, there is no 
       established public trading market for the Certificates.
         
         
         Item 6    Selected Financial Data
         
                   Not Applicable
         
         Item 7    Management's Discussion and Analysis of Financial 
                   Condition and Results of Operations
         
                   Not Applicable
         
         Item 8    Financial Statements and Supplementary Data
         
                   Not Applicable
         
         Item 9    Changes In And Disagreements With Accountants
                   On Accounting and Financial Disclosure
         
                   None
         
         
         
                                 Part III
         
         Item 10   Directors and Executive Officers of the Registrant
         
                   Not Applicable
         
         Item 11   Executive Compensation 
         
                   Not Applicable
         
         
          
                                   Page 3

 <PAGE>




         
          Item 12   Security Ownership Of Certain Beneficial Owners
                    and Management
         
          Each of the Certificates, representing investor's interests in the
          Trust, are represented by a single certificate registered in the
          name of Cede & Co., the nominee of the Depository Trust
          Company("DTC"), and an investor holding an interest in the Trust
          is not entitled to receive a Certificate representing such intere
          except in  certain limited circumstances.  Accordingly, Cede & Co
          is the sole  holder of record of the Certificates, which it held 
          behalf of  approximately 40 brokers, dealers, banks and other
          direct participants  in the DTC system at December 31, 1996. 
          Such direct participants  may hold Certificates for their own
          accounts or for the accounts of  their customers.  The following
          table sets forth, with respect to each of the Certificates, the
          identity of each direct DTC participant that holds positions in
          such Certificate in excess of 5% of the  outstanding principal
          amount thereof at December 31, 1996.
         
  $368,000,000 1995-A Class A Certificates  Aggregate Amount of    Percent of
         Name                               Certificates Held       Class
         Chase Manhattan Bank, N.A.         $96,000,000           26.1%
         The Dai-Ichi Kangyo Bank Limited   $20,000,000           5.4%
         First National Bank of Chicago     $50,000,000           13.6%
         Fuji Bank and Trust Company        $120,000,000          32.6%
         Morgan (J.P.) Securities Inc.      $38,200,000           10.4%
         
 $32,000,000 1995-A Class B Certificates  Aggregate Amount of   Percent of
         Name                             Certificates Held      Class
  First National Bank of Chicago             $32,000,000          100.0%
         
  $368,000,000 1995-C Class A Certificates  Aggregate Amount of  Percent of
         Name                               Certificates Held    Class
  Bank of New York                           $36,000,000           9.8%
  Boston Safe Deposit & Trust Co.            $31,000,000           8.4%
  Chase Manhattan Bank, N.A.                 $80,000,000          21.7%
  Chase Manhattan Bank/Chemical              $30,000,000           8.2%
  First National Bank of Chicago             $49,500,000          13.5%
  Harris Trust & Savings Bank                $20,000,000           5.4%
  Swiss American Securities, Inc.            $36,500,000           9.9%
  Citibank, N.A.                             $45,000,000          12.2%
         
 $32,000,000 1995-C Class B Certificates  Aggregate Amount of      Percent of
         Name                             Certificates Held         Class
  Chase Securities Inc.                      $14,000,000           43.8%
  First National Bank of Chicago             $18,000,000           56.3%
         
  $369,000,000 1996-A Class A Certificates Aggregate Amount of    Percent of
          Name                             Certificates Held       Class
  Chase Manhattan Bank, N.A.                 $119,000,000          32.2%
  French American Banking Corp.              $25,000,000            6.8%
  Investors Bank & Trust/ M.F. Custody       $35,000,000            9.5%
  Morgan Stanley & Co.                       $24,000,000            6.5%
  Goldman, Sachs & Co.                       $117,000,000           31.7%
         
   $38,250,000 1996-A Class B Certificates  Aggregate Amount of   Percent of
          Name                              Certificates Held      Class
  Bankers Trust Company                      $19,000,000            49.7%
  Chase Mahattan Bank/ Chemical              $14,250,000            37.3%
  Citibank, N.A.                             $5,000,000             13.1%
         
  $246,000,000 1996-C Class A Certificates  Aggregate Amount of   Percent of
         Name                               Certificates Held         Class
  Bankers Trust Company                      $91,000,000            37.0%
  Chase Manhattan Bank                       $60,000,000            24.4%
  First National Bank of Chicago             $25,000,000            10.2%
  Northern Trust Company                     $15,000,000             6.1%
  The Sanwa Bank Limited                     $117,000,000           47.6%
         
  $25,500,000 1996-C Class B Certificates  Aggregate Amount of   Percent of
         Name                              Certificates Held      Class
  Bankers Trust Company                      $20,500,000            80.4%
  Citibank, N.A.                             $5,000,000             19.6%
         
         
                                    Page 4
         
 <PAGE>    
     
         The address of each of the above participants is:
         
                              C/O The Depository Trust Company
                                7 Hanover Square, 22nd Floor
                                    New York, NY   10004
         
         Item 13   Certain Relationships and Related Transactions
         
                   None
         
               
                                    Page 5

 <PAGE>         
         
                            Part IV
         
       Item 14   Exhibits, Financial Statement Schedules and Reports
                 On Form 10-K
         
      (a)       The following documents are filed as part of this Report:
         
                i)  Summary of annual distributions on the Certificates to
                    Certificateholders for the year ended December 31, 1996
         
               ii)  Annual Accountant's Report dated October 20, 1996
                    and related Report of Management dated October 20, 1996
                    relating to sufficiency of accounting controls
         
              No proxy soliciting material has been distributed by
              the Trust.
         
         
       
                                  SIGNATURES
         

        
         Pursuant to the requirements of Section 13 or 15(d) of the 
         Securities Exchange Act of 1934, the Registrant has duly caused
         this report to be signed on its behalf by the undersigned,
         thereunto duly authorized.
         
         
                                 Chevy Chase Master Credit Card Trust II 
                                 By: Chevy Chase Bank, F.S.B.
                                     As Seller and Servicer
         
                                               Joel A. Friedman   
  Date:     03/31/97            By:  ________________________________________
                                                Joel A. Friedman
                                                Senior Vice President
                                                and Controller
         
         
         
                                       Page 6

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