LETTERHEAD OF THE CHASE MANHATTAN BANK


                                                       September 18, 1996


Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC  20549

                   Re:  Chemical Master Credit Card Trust I
                        (Series 1995-1,  Series 1995-2,  Series 1995-3, Series
                        1995-4,   Series  1996-1,  Series  1996-2  and
                        Series 1996-3)

Ladies and Gentlemen:

         I am sending for filing on behalf of the above-referenced issuer and in
connection  with the  above-referenced  securities a Current  Report on Form 8-K
dated September 18, 1996.

         Please confirm your receipt of such transmittal.


                                                       Very truly yours,

           
                                                       /s/Martin R. Joyce
                                                       Martin R. Joyce


Enclosures


<PAGE>



                                SECURITIES AND EXCHANGE COMMISSION

                                      Washington, D.C. 20549


                                             FORM 8-K

                                          CURRENT REPORT

                                  Pursuant to Section 13 or 15(d)
                              of the Securities Exchange Act of 1934

                                Date of Report: September 18, 1996


                            CHEMICAL MASTER CREDIT CARD TRUST I
              (SERIES 1995-1,  1995-2,  1995-3,  1995-4, 1996-1, 1996-2
                                  and Series 1996-3)
                                (Issuer of Securities)
               THE CHASE MANHATTAN BANK (formerly known as 'Chemical Bank')
                               (Sponsor of the Trust)
                               (Exact name of registrant as
                                specified in its charter)


      New York                    33-94190               13-4994650
    --------------                ----------             ------------------
   (State or other               (Commission             (IRS Employer
   jurisdiction of                File Number)           Identification No.)
   incorporation)


                          270 Park Avenue, New York            10017
                   Address of principal executive offices)    (Zip Code)
                                                                             
  Registrant's telephone number, including area code: (212) 270-6000



<PAGE>



Item 5.  Other Events.

         On or about  August 15, 1996 (or, in the case of Series  1995-4,  on or
about July 25, 1996),  Monthly  Interest as defined in the Pooling and Servicing
Agreement  dated as of October  19,  1995 (the  "Agreement")  between  The Chase
Manhattan Bank (formerly known as 'Chemical  Bank') and The Bank of New York, as
trustee (the "Trustee"),  was distributed to holders  ("Certificateholders")  of
participations  in the Chemical Master  Credit Card Trust I for  Series  1995-1,
1995-2,  1995-3,  1996-1, 1996-2 and 1996-3 in accordance with the Agreement. A
copy of the  applicable  Monthly  Report for the month ended July 31, 1996, as
defined  in the  Agreement,  has been  furnished  to each  Certificateholder in
accordance  with the Agreement.  Copies of those Monthly Reports are being filed
as Exhibit 20.1 to this Current Report on Form 8-K.  Also,  copies of Report of
Independent  Accountants  and  Management  Report on Internal  Control are being
filed as Exhibit 20.2.


Item 7(c).  Exhibits.

               Exhibit No.             Description
               -----------             -----------

                20.1                Monthly Reports for the month ended
                                    July 31, 1996 for Series 1995-1,
                                    Series 1995-2, Series 1995-3,
                                    Series 1995-4, Series 1996-1
                                    and Series 1996-2

               20.2                 Report of Independent Accountants and
                                    Management Report on Internal Control
                                    over Servicing of Securitized Credit Card
                                    Receivables


<PAGE>


                                          SIGNATURES


                  Pursuant to the requirements of the Securities Exchange Act of
1934,  the  registrant  has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


Dated:  September 18, 1996

                                            THE CHASE MANHATTAN BANK
                                            As Servicer


                                            By:   /s/Richard L. Craig
                                           Name:  Richard L. Craig
                                           Title: Managing Director
 

<PAGE>

                                 INDEX TO EXHIBITS


           Exhibit No.                           Description
           -----------                           ----------- 

             20.1                      Monthly Reports for the month ended
                                       July 31, 1996 for Series 1995-1,
                                       Series 1995-2, Series 1995-3,
                                       Series 1995-4, Series 1996-1
                                       and Series 1996-2

             20.2                      Report of Independent Accountants and
                                       Management Report on Internal Control
                                       over Servicing of Securitized Credit Card
                                       Receivables




<PAGE>

<TABLE>
<CAPTION>
                                                                 Exhibit 20.1
- ---------------------------------------------------------------------------------------------------------------------------

Chemical Bank - Retail Card Services Group                                                             Monthly Report
Certificateholders' Statement                              Chemical Master Credit Card Trust I
                                                                          
                                                                       Series 1995-1

Section 5.2 - Supplement                            Class A        Class B       Collateral                Total
- -----------------------------------------------------------------------------------------------------------------------
<S>                                                   <C>             <C>             <C>                   <C>      
   
(i)    Monthly Principal Distributed                    0.00             0.00          0.00                  0.00

(ii)   Monthly Interest Distributed             3,627,058.13       308,713.18    404,528.55          4,340,299.85
       Deficiency Amounts                               0.00             0.00                                0.00
       Additional Interest                              0.00             0.00                                0.00
       Accrued and Unpaid Interest                                                     0.00                  0.00

(iii)  Collections of Principal                71,649,930.75     5,970,827.56  7,676,778.30         85,297,536.61
       Receivables

(iv)   Collections of Finance Charge
          Receivables                          11,555,392.72       962,949.39  1,238,077.79         13,756,419.90

(v)    Aggregate Amount of Principal Receivables                                                10,265,209,358.89

                      Investor Interest       750,000,000.00    62,500,000.00  80,357,142.86       892,857,142.86
                                 
                      Adjusted Interest       750,000,000.00    62,500,000.00  80,357,142.86       892,857,142.86
                                 

                                       Series
       Floating Investor Percentage           8.70%           84.00%          7.00%       9.00%        100.00%
       Fixed Investor Percentage              8.70%           84.00%          7.00%       9.00%        100.00%

(vi) Receivables Delinquent (As % of Total
     Receivables)
            Current                                                                                     95.05% 
            30 to 59 days                                                                                1.69% 
            60 to 89 days                                                                                1.15% 
            90 or more days                                                                              2.11%
                                       Total Receivables                                               100.00% 

(vii)  Investor Default Amount                 3,780,606.53       315,050.54    405,064.99         4,500,722.06

(viii) Investor Charge-Offs                            0.00             0.00          0.00                 0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions      0.00             0.00          0.00

(x)    Servicing Fee                             625,000.00        52,083.33     66,964.29           744,047.62

(xi)   Portfolio Yield (Net of Defaulted Receivables)                                                    12.44%

(xii)  Reallocated Monthly Principal                                    0.00          0.00                0.00

(xiii) Closing Investor Interest
         (Class A Adjusted)                  750,000,000.00    62,500,000.00  80,357,142.86     892,857,142.86

(xiv)  LIBOR                                                                                           5.4961%

(xv)   Principal Funding Account Balance                                                                 0.00

(xvi)  Accumulation Shortfall                                                                            0.00

(xvii) Principal Funding Investment                                                                      0.00
       Proceeds

(xviii)Principal Investment Funding
       Shortfall
                                                                                                ===============
(xix)  Available Funds                        10,930,392.72       910,866.06   1,171,113.51     13,012,372.28

(xx)   Certificate Rate                             5.6161%          5.7361%        5.8461%

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Chemical Bank - Retail Card Services Group                                                             Monthly Report
Certificateholders' Statement                              Chemical Master Credit Card Trust I
                                                                                      
                                                                      Series 1995-2

Section 5.2 - Supplement                                   Class A          Class B         Collateral                  Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>             <C>               <C>                      <C>   

(i)   Monthly Principal Distributed                           0.00                0.00           0.00                    0.00

(ii)  Monthly Interest Distributed                       3,115,000.00          181,245.17     242,324.98         3,538,570.15
      Deficiency Amounts                                         0.00                0.00                                0.00
      Additional Interest                                        0.00                0.00                                0.00
      Accrued and Unpaid Interest                                                                   0.00                 0.00

(iii) Collections of Principal Receivables              57,319,944.60        3,256,728.19   4,559,627.90        65,136,300.68

(iv)  Collections of Finance Charge Receivables          9,244,314.17          525,231.12     735,357.18        10,504,902.47

(v)   Aggregate Amount of Principal Receivables                                                             10,265,209,358.89

                             Investor Interest         600,000,000.00       34,090,000.00  47,728,181.82       681,818,181.82 
                             Adjusted Interest         600,000,000.00       34,090,000.00  47,728,181.82       681,818,181.82
                                            

                                              Series
      Floating Investor Percentage                6.64%        88.00%               5.00%          7.00%              100.00%
      Fixed Investor Percentage                   6.64%        88.00%               5.00%          7.00%              100.00%

(vi)  Receivables Delinquent (As % of Total
      Receivables)
            Current                                                                                                    95.05%
            30 to 59 days                                                                                               1.69%
            60 to 89 days                                                                                               1.15%
            90 or more days                                                                                             2.11%
                                                                                                                     ---------
                                  Total Receivables                                                                   100.00%

(vii) Investor Default Amount                            3,024,485.22          171,841.17     240,588.63         3,436,915.03

(viii)Investor Charge-Offs                                       0.00                0.00           0.00                 0.00

(ix)  Reimbursed Investor Charge-Offs/Reductions                 0.00                0.00           0.00

(x)   Servicing Fee                                        500,000.00           28,408.33      39,773.48           568,181.82

(xi)  Portfolio Yield (Net of Defaulted Receivables)                                                                   12.44%

(xii) Reallocated Monthly Principal                                                  0.00           0.00                0.00

(xiii)Closing Investor Interest (Class A Adjusted)      600,000,000.00      34,090,000.00  47,728,181.82      681,818,181.82

(xiv) LIBOR                                                                                                          5.4961%

(xv)  Principal Funding Account Balance                                                                                0.00

(xvi) Accumulation Shortfall                                                                                           0.00

(xvii)Principal Funding Investment                                                                                     0.00
      Proceeds

(xviii) Principal Investment Funding
        Shortfall
                                                                                                             ================

(xix) Available Funds                                    8,744,314.17          496,822.78     695,583.69       9,936,720.65

(xx)  Certificate Rate                                        6.2300%             6.3800%        5.8961%

</TABLE>


<PAGE>

<TABLE>
<CAPTION>

Chemical Bank - Retail Card Services Group                                                                 Monthly Report
Certificateholders' Statement                                       Chemical Master Credit Card Trust I
                                                                                    
                                                                              Series 1995-3

Section 5.2 - Supplement                                     Class A          Class B         Collateral               Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                            <C>               <C>               <C>                <C>

(i)  Monthly Principal Distributed                             0.00               0.00            0.00                 0.00

(ii) Monthly Interest Distributed                      2,336,250.00         136,149.60      185,142.96         2,657,542.56
     Deficiency Amounts                                        0.00               0.00                                 0.00
     Additional Interest                                                                           0.0                 0.00

(iii)Collections of Principal Receivables             42,989,958.45       2,442,593.91    3,419,673.16        48,852,225.51

(iv) Collections of Finance Charge Receivables         6,933,235.63         393,931.04      551,510.18         7,878,676.85

(v)  Aggregate Amount of Principal Receivables                                                            10,265,209,358.89

                           Investor Interest         450,000,000.00      25,568,000.00   35,795,636.36       511,363,636.36     
                           Adjusted Interest         450,000,000.00      25,568,000.00   35,795,636.36       511,363,636.36
                                          

                                              Series
     Floating Investor Percentage                  4.98%          88.00%              5.00%         7.00%           100.00%
     Fixed Investor Percentage                     4.98%          88.00%              5.00%         7.00%           100.00%

(vi) Receivables Delinquent (As % of Total Receivables)
            Current                                                                                                  95.05%
            30 to 59 days                                                                                             1.69%
            60 to 89 days                                                                                             1.15%
            90 or more days                                                                                           2.11%
                                                                                                                    -------
                                          Total Receivable                                                         100.00%
     
(vii) Investor Default Amount                           2,268,363.92         128,883.40     180,438.96          2,577,686.27

(viii) Investor Charge-Offs                                    0.00               0.00           0.00                  0.00

(ix) Reimbursed Investor Charge-Offs/Reductions                0.00               0.00           0.00

(x)  Servicing Fee                                       375,000.00          21,306.67      29,829.70             426,136.36

(xi) Portfolio Yield (Net of Defaulted Receivables)                                                                    12.44%

(xii) Reallocated Monthly Principal                                               0.00           0.00                   0.00

(xiii) Closing Investor Interest (Class A Adjusted)   450,000,000.00     25,568,000.00  35,795,636.36         511,363,636.36

(xiv) LIBOR                                                                                                           5.4961%

(xv) Principal Funding Account Balance                                                                                  0.00

(xvi) Accumulation Shortfall                                                                                            0.00

(xvii) Principal Funding Investment                                                                                     0.00
        Proceeds

(xviii) Principal Investment Funding
        Shortfall
                                                                                                               ==============

(xix)Available Funds                                    6,558,235.63        372,624.37     521,680.48           7,452,540.49

(xx) Certificate Rate                                        6.2300%            6.3900%        6.0211%

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Chemical Bank - Retail Card Services Group                                              Monthly Report  
Certificateholders' Statement                        Chemical Master Credit Card Trust I
                                                                      
                                                                   Series 1995-4

Section 5.2 - Supplement                                  Class A           Class B       Collateral             Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                       <C>             <C>                 <C>                 <C>  

(i)  Monthly Principal Distributed                           0.00              0.00            0.00                0.00

(ii) Monthly Interest Distributed                    4,266,210.00        311,149.56      188,826.00        4,766,185.56
     Deficiency Amounts                                      0.00              0.00                                0.00
     Additional Interest                                     0.00              0.00                                0.00
     Accrued and Unpaid Interest                                                               0.00                0.00

(iii)Collections of Principal                       28,659,972.30      2,047,086.29    3,411,956.05       34,119,014.64
     Receivables

(iv) Collections of Finance Charge Receivables       4,622,157.09        330,145.27      550,265.60        5,502,567.96  

(v)  Aggregate Amount of Principal Receivables                                                        10,265,209,358.89

                       Investor Interest           300,000,000.00     21,428,000.00   35,714,857.14      357,142,857.14
                                       
                       Adjusted Interest           300,000,000.00     21,428,000.00   35,714,857.14      357,142,857.14
                                      

                                           Series
     Floating Investor Percentage              3.48%       84.00%             6.00%        10.00%              100.00%
     Fixed Investor Percentage                 3.48%       84.00%             6.00%        10.00%              100.00%

(vi) Receivables Delinquent (As % of Total
     Receivables)
            Current                                                                                             95.05%
            30 to 59 days                                                                                        1.69%
            60 to 89 days                                                                                        1.15%
            90 or more days                                                                                      2.11%
                                                                                                           -------------
                                        Total Receivables                                                      100.00%

(vii) Investor Default Amount                      1,512,242.61        108,014.45       180,031.76       1,800,288.82

(viii) Investor Charge-Offs                                0.00              0.00             0.00               0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions          0.00              0.00             0.00

(x)    Servicing Fee                                 250,000.00         17,856.67        29,762.38         297,619.05

(xi)   Portfolio Yield (Net of Defaulted Receivables)                                                          12.44%

(xii)  Reallocated Monthly Principal                                         0.00             0.00               0.00

(xiii) Closing Investor Interest
         (Class A Adjusted)                      300,000,000.00     21,428,000.00    35,714,857.14     357,142,857.14

(xiv)  LIBOR                                                                                                  5.4883%

(xv)   Principal Funding Account Balance                                                                        0.00

(xvi)  Accumulation Shortfall                                                                                   0.00

(xvii)  Principal Funding Investment                                                                            0.00
           Proceeds

(xviii)  Principal Investment Funding
           Shortfall

(xix)   Interest Funding Account Investment Proceeds       0.00              0.00                       ============  

(xx)    Available Funds                            7,121,492.42        512,807.21      520,503.22       8,154,802.85

(xxi)   Certificate Rate                                5.6883%           5.8083%       5.9625%

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Chemical Bank - Retail Card Services Group                                                                    Monthly Report
Certificateholders' Statement                            Chemical Master Credit Card Trust I
                                                                         
                                                                      Series 1996-1

Section 5.2 - Supplement                               Class A            Class B          Collateral                 Total
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                      <C>               <C>               <C>                     <C> 

(i)  Monthly Principal Distributed                        0.00               0.00               0.00                    0.00

(ii) Monthly Interest Distributed                 3,237,500.00         189,248.43         282,710.79            3,709,459.22
     Deficiency Amounts                                   0.00               0.00                                       0.00
     Additional Interest                                  0.00               0.00                                       0.00
     Accrued and Unpaid Interest                                                                0.00                    0.00

(iii)Collections of Principal Receivables         66,873,268.70      3,799,548.06       5,319,534.03           75,992,350.80

(iv) Collections of Finance Charge Receivables    10,785,033.20        612,774.77         857,911.57           12,255,719.55

(v)  Aggregate Amount of Principal Receivables                                                             10,265,209,358.89

                         Investor Interest       700,000,000.00     39,772,000.00      55,682,545.45          795,454,545.45    
                         Adjusted Interest       700,000,000.00     39,772,000.00      55,682,545.45          795,454,545.45
                                       Series
     Floating Investor Percentage           7.75%       88.00%              5.00%         7.00%                    100.00%
     Fixed Investor Percentage              7.75%       88.00%              5.00%         7.00%                    100.00%

(vi) Receivables Delinquent (As % of Total Receivables)
            Current                                                                                                 95.05%
            30 to 59 days                                                                                            1.69%
            60 to 89 days                                                                                            1.15%
            90 or more days                                                                                          2.11%
                                                                                                              ------------
                                   Total Receivables                                                               100.00%

(vii)Investor Default Amount                      3,528,566.09         200,483.04        280,685.06            4,009,734.20

(viii) Investor Charge-Offs                               0.00               0.00              0.00                   0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions         0.00               0.00              0.00

(x)    Servicing Fee                                583,333.33          33,143.33         46,402.12             662,878.79

(xi)   Portfolio Yield (Net of Defaulted                                                                             12.44%
         Receivables)

(xii)  Reallocated Monthly Principal                                         0.00              0.00                   0.00

(xiii) Closing Investor Interest
         (Class A Adjusted)                     700,000,000.00      39,772,000.00     55,682,545.45         795,454,545.45

(xiv)  LIBOR                                                                                                        5.4961%

(xv)   Principal Funding Account Balance                                                                            0.00

(xvi)  Accumulation Shortfall                                                                                       0.00

(xvii) Principal Funding Investment Proceeds                                                                        0.00

(xviii) Principal Investment Funding Shortfall
                                                                                                          ================

(xix)  Available Funds                           10,201,699.87         579,631.44        811,509.45         11,592,840.76

(xx)   Certificate Rate                                 5.5500%            5.7100%           5.8961%

</TABLE>



<PAGE>


<TABLE>
<CAPTION>

Chemical Bank - Retail Card Services Group                                                                 Monthly Report
Certificateholders' Statement                               Chemical Master Credit Card Trust I
                                                                           
                                                                         Series 1996-2

Section 5.2 - Supplement                               Class A           Class B           Collateral               Total
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>               <C>              <C>                       <C>    

(i)  Monthly Principal Distributed                        0.00              0.00                 0.00                0.00

(ii) Monthly Interest Distributed                  2,740,833.33       160,416.67           235,312.77        3,136,562.77
     Deficiency Amounts                                    0.00            0.00                                      0.00
     Additional Interest                                   0.00            0.00                                      0.00
     Accrued and Unpaid Interest                                                                 0.00                0.00

(iii)Collections of Principal Receivables         52,543,282.55     2,985,413.78         4,179,579.29       59,708,275.63

(iv) Collections of Finance Charge Receivables     8,473,954.66       481,474.70           674,064.58        9,629,493.93

(v)  Aggregate Amount of Principal Receivables                                                          10,265,209,358.89

                      Investor Interest          550,000,000.00    31,250,000.00        43,750,000.00      625,000,000.00         
                      Adjusted Interest          550,000,000.00    31,250,000.00        43,750,000.00      625,000,000.00
                                 

                                       Series
     Floating Investor Percentage            6.09%       88.00%              5.00%         7.00%                  100.00%
     Fixed Investor Percentage               6.09%       88.00%              5.00%         7.00%                  100.00%

(vi) Receivables Delinquent (As % of Total Receivables)
            Current                                                                                                95.05%
            30 to 59 days                                                                                           1.69%
            60 to 89 days                                                                                           1.15%
            90 or more days                                                                                         2.11%
                                                                                                               -----------
                                   Total                                                                           100.00%
                                   Receivables

(vii) Investor Default Amount                    2,772,444.79         157,525.27          220,535.38         3,150,505.44

(viii) Investor Charge-Offs                              0.00               0.00                0.00                 0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions        0.00               0.00                0.00

(x)    Servicing Fee                               458,333.33          26,041.67           36,458.33           520,833.33

(xi)   Portfolio Yield (Net of Defaulted                                                                           12.44%
         Receivables)

(xii)  Reallocated Monthly Principal                                        0.00                0.00                0.00

(xiii) Closing Investor Interest
          (Class A Adjusted)                   550,000,000.00      31,250,000.00       43,750,000.00      625,000,000.00

(xiv)  LIBOR                                                                                                      5.4961%

(xv)   Principal Funding Account Balance                                                                           0.00

(xvi)  Accumulation Shortfall                                                                                      0.00

(xvii) Principal Funding Investment Proceeds                                                                       0.00

(xviii) Principal Investment Funding Shortfall
                                                                                                        ===============

(xix)Available Funds                             8,015,621.33         455,433.03         637,606.24       9,108,660.60

(xx) Certificate Rate                                 5.9800%            6.1600%            6.2461%

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Chemical Bank - Retail Card Services Group                                                                    Monthly Report
Certificateholders' Statement                                 Chemical Master Credit Card Trust I
                                                                      Series 1996-3

Section 5.2 - Supplement                                  Class A             Class B           Collateral           Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>                <C>                  <C>                <C>  

(i)  Monthly Principal Distributed                           0.00               0.00                 0.00             0.00

(ii) Monthly Interest Distributed                    2,434,132.89         141,813.47           176,269.11     2,752,215.47
     Deficiency Amounts                                      0.00               0.00                 0.00
     Additional Interest                                     0.00               0.00                 0.00
     Accrued and Unpaid Interest                                                                     0.00             0.00

(iii)Collections of Principal Receivables           39,358,071.23       2,236,242.11         3,130,857.49    44,725,170.82

(iv) Collections of Finance Charge Receivables       6,347,500.48         360,651.51           504,931.23     7,213,083.22

(v)  Aggregate Amount of Principal Receivables                                                           10,265,209,358.89

                             Investor Interest     411,983,000.00      23,408,000.00        32,772,440.86   468,163,440.86     
                             Adjusted Interest     411,983,000.00      23,408,000.00        32,772,440.86   468,163,440.86
                                          
                                             Series
     Floating Investor Percentage                4.56%         88.00%       5.00%         7.00%                  100.00%
     Fixed Investor Percentage                   4.56%         88.00%       5.00%         7.00%                  100.00%

(vi) Receivables Delinquent (As % of Total
     Receivables)
            Current                                                                                               95.05%
            30 to 59 days                                                                                          1.69%
            60 to 89 days                                                                                          1.15%
            90 or more days                                                                                        2.11%
                                                                                                                 -------
                                          Total Receivables                                                      100.00%

(vii) Investor Default Amount                       2,076,727.49          117,995.25         165,199.61     2,359,922.35

(viii) Investor Charge-Offs                                 0.00                0.00               0.00             0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions           0.00                0.00               0.00

(x)    Servicing Fee                                  343,319.17           19,506.67          27,310.37       390,136.20

(xi)   Portfolio Yield (Net of Defaulted Receivables)                                                              12.44%

(xii)  Reallocated Monthly Principal                                            0.00               0.00             0.00

(xiii) Closing Investor Interest (Class A
            Adjusted)                             411,983,000.00       23,408,000.00      32,772,440.86   468,163,440.86

(xiv)  LIBOR                                                                                                      5.4961%

(xv)   Principal Funding Account Balance                                                                            0.00

(xvi)  Accumulation Shortfall                                                                                       0.00

(xvii) Principal Funding Investment                                                                                 0.00
         Proceeds

(xviii) Principal Investment Funding
          Shortfall
                                                                                                            ================

(xix)   Available Funds                             6,004,181.31          341,144.84         477,620.87     6,822,947.02

(xx)    Certificate Rate                                  7.0900%             7.2700%            6.2461%

</TABLE>


<PAGE>

                                                   Exhibit 20.2

                            LETTERHEAD OF PRICE WATERHOUSE LLP

                          1177 Avenue of the Americas   Telephone 212 596 7000
                          New York, NY  10036           Facsimile 212 596 8910

Price Waterhouse LLP


Report of Independent Accountants


June 21, 1996

To the Board of Directors of Chemical Bank
Chemical Bank


We have examined management's  assertion,  that as of December 31, 1995 Chemical
Bank  maintained  an  effective  system of internal  control  over  servicing of
securitized  credit card  receivables,  included in the accompanying  Management
Report  on  Internal   Control  over  Servicing  of   Securitized   Credit  Card
Receivables.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
obtaining an understanding  of the internal control  structure over servicing of
securitized  credit  card  receivables,  testing and  evaluating  the design and
operating  effectiveness  of the internal  control  structure  over servicing of
securitized credit card receivables,  and such other procedures as we considered
necessary  in the  circumstances.  We believe  that our  examination  provides a
reasonable basis for our opinion.

Because of the inherent limitations in any internal control structure, errors or
irregularities  may  occur  and  not  be  detected.  Also,  projections  of  any
evaluation  of the system of internal  control  over  servicing  of  securitized
credit  card  receivables  to future  periods  are  subject to the risk that the
internal  control  structure  may  become  inadequate   because  of  changes  in
conditions, or that the degree of compliance with the policies or procedures may
deteriorate.

In our opinion,  management's  assertion that, as of December 31, 1995, Chemical
Bank  maintained  an  effective  system of internal  control  over  servicing of
securitized credit card receivables, is fairly stated, in all material respects,
based upon the criteria for effective  internal  control  described in "Internal
Control   Integrated   Framework"   issued  by  the   Committee  of   Sponsoring
Organizations of the Treadway Commission.


Signed:  Price Waterhouse LLP

<PAGE>



                LETTERHEAD OF THE CHASE MANHATTAN BANK


100 Duffy Avenue
Hicksville, NY  11801-3699


June 21, 1996


Management Report on Internal Control over Servicing of Securitized Credit Card 
Receivables

Chemical Bank is  responsible  for  establishing  and  maintaining  an effective
system  of  internal   control  over  servicing  of   securitized   credit  card
receivables,  which is designed to provide  reasonable  assurance  regarding the
proper  servicing of securitized  credit card  receivables.  The system contains
self-monitoring  mechanisms,  and actions are taken to correct  deficiencies  as
they are identified.

There are inherent  limitations in the  effectiveness  of any system of internal
controls,  including the  possibility  of human error and the  circumvention  or
overriding of controls.  Accordingly,  even an effective internal control system
can provide only  reasonable  assurance with respect to servicing of securitized
credit  card  receivables.  Further,  because  of  changes  in  conditions,  the
effectiveness of an internal control system may vary over time.

Chemical Bank management  assessed its system of internal control over servicing
of  securitized  credit card  receivables as of December 31, 1995 in relation to
criteria  for  effective  internal  control  described  in  "Internal  Control -
Integrated Framework" issued by the Committee of Sponsoring Organizations of the
Treadway Commission.  Based on this assessment,  management believes that, as of
December 31, 1995,  Chemical  Bank  maintained  an effective  system of internal
control over servicing of securitized credit card receivables.


Signed:  Charles R. Walsh
         Charles R. Walsh
         Executive Vice President
         Chemical Bank

Signed:  Richard L. Craig
         Richard L. Craig
         Managing Director
         Chemical Bank
[{"type": "8-K", "sequence": "1", "description": "MONTHLY REPORT", "secsgml_size_bytes": 44275}]
{"company-data": {"conformed-name": "CHEMICAL MASTER CREDIT CARD TRUST I", "cik": "0001004988", "assigned-sic": "6189", "irs-number": "134994650", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28388", "film-number": "96631636"}, "business-address": {"street1": "270 PARK AVE", "city": "NEW YORK", "state": "NY", "zip": "10017-3909", "phone": "2122706000"}, "mail-address": {"street1": "270 PARK AVENUE", "street2": "40TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10017"}}
LETTERHEAD OF THE CHASE MANHATTAN BANK

                                                       September 18, 1996

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC  20549

                   Re:  Chemical Master Credit Card Trust I
                        (Series 1995-1,  Series 1995-2,  Series 1995-3, Series
                        1995-4,   Series  1996-1,  Series  1996-2  and
                        Series 1996-3)

Ladies and Gentlemen:

         I am sending for filing on behalf of the above-referenced issuer and in
connection  with the  above-referenced  securities a Current  Report on Form 8-K
dated September 18, 1996.

         Please confirm your receipt of such transmittal.

                                                       Very truly yours,

           
                                                       /s/Martin R. Joyce
                                                       Martin R. Joyce

Enclosures
SECURITIES AND EXCHANGE COMMISSION

                                      Washington, D.C. 20549

                                             FORM 8-K

                                          CURRENT REPORT

                                  Pursuant to Section 13 or 15(d)
                              of the Securities Exchange Act of 1934

                                Date of Report: September 18, 1996

                            CHEMICAL MASTER CREDIT CARD TRUST I
              (SERIES 1995-1,  1995-2,  1995-3,  1995-4, 1996-1, 1996-2
                                  and Series 1996-3)
                                (Issuer of Securities)
               THE CHASE MANHATTAN BANK (formerly known as 'Chemical Bank')
                               (Sponsor of the Trust)
                               (Exact name of registrant as
                                specified in its charter)

      New York                    33-94190               13-4994650
    --------------                ----------             ------------------
   (State or other               (Commission             (IRS Employer
   jurisdiction of                File Number)           Identification No.)
   incorporation)

                          270 Park Avenue, New York            10017
                   Address of principal executive offices)    (Zip Code)
                                                                             
  Registrant's telephone number, including area code: (212) 270-6000
Item 5.  Other Events.

         On or about  August 15, 1996 (or, in the case of Series  1995-4,  on or
about July 25, 1996),  Monthly  Interest as defined in the Pooling and Servicing
Agreement  dated as of October  19,  1995 (the  "Agreement")  between  The Chase
Manhattan Bank (formerly known as 'Chemical  Bank') and The Bank of New York, as
trustee (the "Trustee"),  was distributed to holders  ("Certificateholders")  of
participations  in the Chemical Master  Credit Card Trust I for  Series  1995-1,
1995-2,  1995-3,  1996-1, 1996-2 and 1996-3 in accordance with the Agreement. A
copy of the  applicable  Monthly  Report for the month ended July 31, 1996, as
defined  in the  Agreement,  has been  furnished  to each  Certificateholder in
accordance  with the Agreement.  Copies of those Monthly Reports are being filed
as Exhibit 20.1 to this Current Report on Form 8-K.  Also,  copies of Report of
Independent  Accountants  and  Management  Report on Internal  Control are being
filed as Exhibit 20.2.

Item 7(c).  Exhibits.

               Exhibit No.             Description
               -----------             -----------

                20.1                Monthly Reports for the month ended
                                    July 31, 1996 for Series 1995-1,
                                    Series 1995-2, Series 1995-3,
                                    Series 1995-4, Series 1996-1
                                    and Series 1996-2

               20.2                 Report of Independent Accountants and
                                    Management Report on Internal Control
                                    over Servicing of Securitized Credit Card
                                    Receivables
SIGNATURES

                  Pursuant to the requirements of the Securities Exchange Act of
1934,  the  registrant  has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Dated:  September 18, 1996

                                            THE CHASE MANHATTAN BANK
                                            As Servicer

                                            By:   /s/Richard L. Craig
                                           Name:  Richard L. Craig
                                           Title: Managing Director
INDEX TO EXHIBITS

           Exhibit No.                           Description
           -----------                           ----------- 

             20.1                      Monthly Reports for the month ended
                                       July 31, 1996 for Series 1995-1,
                                       Series 1995-2, Series 1995-3,
                                       Series 1995-4, Series 1996-1
                                       and Series 1996-2

             20.2                      Report of Independent Accountants and
                                       Management Report on Internal Control
                                       over Servicing of Securitized Credit Card
                                       Receivables
Exhibit 20.1
- ---------------------------------------------------------------------------------------------------------------------------

Chemical Bank - Retail Card Services Group                                                             Monthly Report
Certificateholders' Statement                              Chemical Master Credit Card Trust I
                                                                          
                                                                       Series 1995-1

Section 5.2 - Supplement                            Class A        Class B       Collateral                Total
- -----------------------------------------------------------------------------------------------------------------------
(i)    Monthly Principal Distributed                    0.00             0.00          0.00                  0.00

(ii)   Monthly Interest Distributed             3,627,058.13       308,713.18    404,528.55          4,340,299.85
       Deficiency Amounts                               0.00             0.00                                0.00
       Additional Interest                              0.00             0.00                                0.00
       Accrued and Unpaid Interest                                                     0.00                  0.00

(iii)  Collections of Principal                71,649,930.75     5,970,827.56  7,676,778.30         85,297,536.61
       Receivables

(iv)   Collections of Finance Charge
          Receivables                          11,555,392.72       962,949.39  1,238,077.79         13,756,419.90

(v)    Aggregate Amount of Principal Receivables                                                10,265,209,358.89

                      Investor Interest       750,000,000.00    62,500,000.00  80,357,142.86       892,857,142.86
                                 
                      Adjusted Interest       750,000,000.00    62,500,000.00  80,357,142.86       892,857,142.86
                                 

                                       Series
       Floating Investor Percentage           8.70%           84.00%          7.00%       9.00%        100.00%
       Fixed Investor Percentage              8.70%           84.00%          7.00%       9.00%        100.00%

(vi) Receivables Delinquent (As % of Total
     Receivables)
            Current                                                                                     95.05% 
            30 to 59 days                                                                                1.69% 
            60 to 89 days                                                                                1.15% 
            90 or more days                                                                              2.11%
                                       Total Receivables                                               100.00% 

(vii)  Investor Default Amount                 3,780,606.53       315,050.54    405,064.99         4,500,722.06

(viii) Investor Charge-Offs                            0.00             0.00          0.00                 0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions      0.00             0.00          0.00

(x)    Servicing Fee                             625,000.00        52,083.33     66,964.29           744,047.62

(xi)   Portfolio Yield (Net of Defaulted Receivables)                                                    12.44%

(xii)  Reallocated Monthly Principal                                    0.00          0.00                0.00

(xiii) Closing Investor Interest
         (Class A Adjusted)                  750,000,000.00    62,500,000.00  80,357,142.86     892,857,142.86

(xiv)  LIBOR                                                                                           5.4961%

(xv)   Principal Funding Account Balance                                                                 0.00

(xvi)  Accumulation Shortfall                                                                            0.00

(xvii) Principal Funding Investment                                                                      0.00
       Proceeds

(xviii)Principal Investment Funding
       Shortfall
                                                                                                ===============
(xix)  Available Funds                        10,930,392.72       910,866.06   1,171,113.51     13,012,372.28

(xx)   Certificate Rate                             5.6161%          5.7361%        5.8461%
Chemical Bank - Retail Card Services Group                                                             Monthly Report
Certificateholders' Statement                              Chemical Master Credit Card Trust I
                                                                                      
                                                                      Series 1995-2

Section 5.2 - Supplement                                   Class A          Class B         Collateral                  Total
- ------------------------------------------------------------------------------------------------------------------------------------
(i)   Monthly Principal Distributed                           0.00                0.00           0.00                    0.00

(ii)  Monthly Interest Distributed                       3,115,000.00          181,245.17     242,324.98         3,538,570.15
      Deficiency Amounts                                         0.00                0.00                                0.00
      Additional Interest                                        0.00                0.00                                0.00
      Accrued and Unpaid Interest                                                                   0.00                 0.00

(iii) Collections of Principal Receivables              57,319,944.60        3,256,728.19   4,559,627.90        65,136,300.68

(iv)  Collections of Finance Charge Receivables          9,244,314.17          525,231.12     735,357.18        10,504,902.47

(v)   Aggregate Amount of Principal Receivables                                                             10,265,209,358.89

                             Investor Interest         600,000,000.00       34,090,000.00  47,728,181.82       681,818,181.82 
                             Adjusted Interest         600,000,000.00       34,090,000.00  47,728,181.82       681,818,181.82
                                            

                                              Series
      Floating Investor Percentage                6.64%        88.00%               5.00%          7.00%              100.00%
      Fixed Investor Percentage                   6.64%        88.00%               5.00%          7.00%              100.00%

(vi)  Receivables Delinquent (As % of Total
      Receivables)
            Current                                                                                                    95.05%
            30 to 59 days                                                                                               1.69%
            60 to 89 days                                                                                               1.15%
            90 or more days                                                                                             2.11%
                                                                                                                     ---------
                                  Total Receivables                                                                   100.00%

(vii) Investor Default Amount                            3,024,485.22          171,841.17     240,588.63         3,436,915.03

(viii)Investor Charge-Offs                                       0.00                0.00           0.00                 0.00

(ix)  Reimbursed Investor Charge-Offs/Reductions                 0.00                0.00           0.00

(x)   Servicing Fee                                        500,000.00           28,408.33      39,773.48           568,181.82

(xi)  Portfolio Yield (Net of Defaulted Receivables)                                                                   12.44%

(xii) Reallocated Monthly Principal                                                  0.00           0.00                0.00

(xiii)Closing Investor Interest (Class A Adjusted)      600,000,000.00      34,090,000.00  47,728,181.82      681,818,181.82

(xiv) LIBOR                                                                                                          5.4961%

(xv)  Principal Funding Account Balance                                                                                0.00

(xvi) Accumulation Shortfall                                                                                           0.00

(xvii)Principal Funding Investment                                                                                     0.00
      Proceeds

(xviii) Principal Investment Funding
        Shortfall
                                                                                                             ================

(xix) Available Funds                                    8,744,314.17          496,822.78     695,583.69       9,936,720.65

(xx)  Certificate Rate                                        6.2300%             6.3800%        5.8961%
Chemical Bank - Retail Card Services Group                                                                 Monthly Report
Certificateholders' Statement                                       Chemical Master Credit Card Trust I
                                                                                    
                                                                              Series 1995-3

Section 5.2 - Supplement                                     Class A          Class B         Collateral               Total
- ------------------------------------------------------------------------------------------------------------------------------------
(i)  Monthly Principal Distributed                             0.00               0.00            0.00                 0.00

(ii) Monthly Interest Distributed                      2,336,250.00         136,149.60      185,142.96         2,657,542.56
     Deficiency Amounts                                        0.00               0.00                                 0.00
     Additional Interest                                                                           0.0                 0.00

(iii)Collections of Principal Receivables             42,989,958.45       2,442,593.91    3,419,673.16        48,852,225.51

(iv) Collections of Finance Charge Receivables         6,933,235.63         393,931.04      551,510.18         7,878,676.85

(v)  Aggregate Amount of Principal Receivables                                                            10,265,209,358.89

                           Investor Interest         450,000,000.00      25,568,000.00   35,795,636.36       511,363,636.36     
                           Adjusted Interest         450,000,000.00      25,568,000.00   35,795,636.36       511,363,636.36
                                          

                                              Series
     Floating Investor Percentage                  4.98%          88.00%              5.00%         7.00%           100.00%
     Fixed Investor Percentage                     4.98%          88.00%              5.00%         7.00%           100.00%

(vi) Receivables Delinquent (As % of Total Receivables)
            Current                                                                                                  95.05%
            30 to 59 days                                                                                             1.69%
            60 to 89 days                                                                                             1.15%
            90 or more days                                                                                           2.11%
                                                                                                                    -------
                                          Total Receivable                                                         100.00%
     
(vii) Investor Default Amount                           2,268,363.92         128,883.40     180,438.96          2,577,686.27

(viii) Investor Charge-Offs                                    0.00               0.00           0.00                  0.00

(ix) Reimbursed Investor Charge-Offs/Reductions                0.00               0.00           0.00

(x)  Servicing Fee                                       375,000.00          21,306.67      29,829.70             426,136.36

(xi) Portfolio Yield (Net of Defaulted Receivables)                                                                    12.44%

(xii) Reallocated Monthly Principal                                               0.00           0.00                   0.00

(xiii) Closing Investor Interest (Class A Adjusted)   450,000,000.00     25,568,000.00  35,795,636.36         511,363,636.36

(xiv) LIBOR                                                                                                           5.4961%

(xv) Principal Funding Account Balance                                                                                  0.00

(xvi) Accumulation Shortfall                                                                                            0.00

(xvii) Principal Funding Investment                                                                                     0.00
        Proceeds

(xviii) Principal Investment Funding
        Shortfall
                                                                                                               ==============

(xix)Available Funds                                    6,558,235.63        372,624.37     521,680.48           7,452,540.49

(xx) Certificate Rate                                        6.2300%            6.3900%        6.0211%
Chemical Bank - Retail Card Services Group                                              Monthly Report  
Certificateholders' Statement                        Chemical Master Credit Card Trust I
                                                                      
                                                                   Series 1995-4

Section 5.2 - Supplement                                  Class A           Class B       Collateral             Total
- ------------------------------------------------------------------------------------------------------------------------------------
(i)  Monthly Principal Distributed                           0.00              0.00            0.00                0.00

(ii) Monthly Interest Distributed                    4,266,210.00        311,149.56      188,826.00        4,766,185.56
     Deficiency Amounts                                      0.00              0.00                                0.00
     Additional Interest                                     0.00              0.00                                0.00
     Accrued and Unpaid Interest                                                               0.00                0.00

(iii)Collections of Principal                       28,659,972.30      2,047,086.29    3,411,956.05       34,119,014.64
     Receivables

(iv) Collections of Finance Charge Receivables       4,622,157.09        330,145.27      550,265.60        5,502,567.96  

(v)  Aggregate Amount of Principal Receivables                                                        10,265,209,358.89

                       Investor Interest           300,000,000.00     21,428,000.00   35,714,857.14      357,142,857.14
                                       
                       Adjusted Interest           300,000,000.00     21,428,000.00   35,714,857.14      357,142,857.14
                                      

                                           Series
     Floating Investor Percentage              3.48%       84.00%             6.00%        10.00%              100.00%
     Fixed Investor Percentage                 3.48%       84.00%             6.00%        10.00%              100.00%

(vi) Receivables Delinquent (As % of Total
     Receivables)
            Current                                                                                             95.05%
            30 to 59 days                                                                                        1.69%
            60 to 89 days                                                                                        1.15%
            90 or more days                                                                                      2.11%
                                                                                                           -------------
                                        Total Receivables                                                      100.00%

(vii) Investor Default Amount                      1,512,242.61        108,014.45       180,031.76       1,800,288.82

(viii) Investor Charge-Offs                                0.00              0.00             0.00               0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions          0.00              0.00             0.00

(x)    Servicing Fee                                 250,000.00         17,856.67        29,762.38         297,619.05

(xi)   Portfolio Yield (Net of Defaulted Receivables)                                                          12.44%

(xii)  Reallocated Monthly Principal                                         0.00             0.00               0.00

(xiii) Closing Investor Interest
         (Class A Adjusted)                      300,000,000.00     21,428,000.00    35,714,857.14     357,142,857.14

(xiv)  LIBOR                                                                                                  5.4883%

(xv)   Principal Funding Account Balance                                                                        0.00

(xvi)  Accumulation Shortfall                                                                                   0.00

(xvii)  Principal Funding Investment                                                                            0.00
           Proceeds

(xviii)  Principal Investment Funding
           Shortfall

(xix)   Interest Funding Account Investment Proceeds       0.00              0.00                       ============  

(xx)    Available Funds                            7,121,492.42        512,807.21      520,503.22       8,154,802.85

(xxi)   Certificate Rate                                5.6883%           5.8083%       5.9625%
Chemical Bank - Retail Card Services Group                                                                    Monthly Report
Certificateholders' Statement                            Chemical Master Credit Card Trust I
                                                                         
                                                                      Series 1996-1

Section 5.2 - Supplement                               Class A            Class B          Collateral                 Total
- -------------------------------------------------------------------------------------------------------------------------------
(i)  Monthly Principal Distributed                        0.00               0.00               0.00                    0.00

(ii) Monthly Interest Distributed                 3,237,500.00         189,248.43         282,710.79            3,709,459.22
     Deficiency Amounts                                   0.00               0.00                                       0.00
     Additional Interest                                  0.00               0.00                                       0.00
     Accrued and Unpaid Interest                                                                0.00                    0.00

(iii)Collections of Principal Receivables         66,873,268.70      3,799,548.06       5,319,534.03           75,992,350.80

(iv) Collections of Finance Charge Receivables    10,785,033.20        612,774.77         857,911.57           12,255,719.55

(v)  Aggregate Amount of Principal Receivables                                                             10,265,209,358.89

                         Investor Interest       700,000,000.00     39,772,000.00      55,682,545.45          795,454,545.45    
                         Adjusted Interest       700,000,000.00     39,772,000.00      55,682,545.45          795,454,545.45
                                       Series
     Floating Investor Percentage           7.75%       88.00%              5.00%         7.00%                    100.00%
     Fixed Investor Percentage              7.75%       88.00%              5.00%         7.00%                    100.00%

(vi) Receivables Delinquent (As % of Total Receivables)
            Current                                                                                                 95.05%
            30 to 59 days                                                                                            1.69%
            60 to 89 days                                                                                            1.15%
            90 or more days                                                                                          2.11%
                                                                                                              ------------
                                   Total Receivables                                                               100.00%

(vii)Investor Default Amount                      3,528,566.09         200,483.04        280,685.06            4,009,734.20

(viii) Investor Charge-Offs                               0.00               0.00              0.00                   0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions         0.00               0.00              0.00

(x)    Servicing Fee                                583,333.33          33,143.33         46,402.12             662,878.79

(xi)   Portfolio Yield (Net of Defaulted                                                                             12.44%
         Receivables)

(xii)  Reallocated Monthly Principal                                         0.00              0.00                   0.00

(xiii) Closing Investor Interest
         (Class A Adjusted)                     700,000,000.00      39,772,000.00     55,682,545.45         795,454,545.45

(xiv)  LIBOR                                                                                                        5.4961%

(xv)   Principal Funding Account Balance                                                                            0.00

(xvi)  Accumulation Shortfall                                                                                       0.00

(xvii) Principal Funding Investment Proceeds                                                                        0.00

(xviii) Principal Investment Funding Shortfall
                                                                                                          ================

(xix)  Available Funds                           10,201,699.87         579,631.44        811,509.45         11,592,840.76

(xx)   Certificate Rate                                 5.5500%            5.7100%           5.8961%
Chemical Bank - Retail Card Services Group                                                                 Monthly Report
Certificateholders' Statement                               Chemical Master Credit Card Trust I
                                                                           
                                                                         Series 1996-2

Section 5.2 - Supplement                               Class A           Class B           Collateral               Total
- ------------------------------------------------------------------------------------------------------------------------------
(i)  Monthly Principal Distributed                        0.00              0.00                 0.00                0.00

(ii) Monthly Interest Distributed                  2,740,833.33       160,416.67           235,312.77        3,136,562.77
     Deficiency Amounts                                    0.00            0.00                                      0.00
     Additional Interest                                   0.00            0.00                                      0.00
     Accrued and Unpaid Interest                                                                 0.00                0.00

(iii)Collections of Principal Receivables         52,543,282.55     2,985,413.78         4,179,579.29       59,708,275.63

(iv) Collections of Finance Charge Receivables     8,473,954.66       481,474.70           674,064.58        9,629,493.93

(v)  Aggregate Amount of Principal Receivables                                                          10,265,209,358.89

                      Investor Interest          550,000,000.00    31,250,000.00        43,750,000.00      625,000,000.00         
                      Adjusted Interest          550,000,000.00    31,250,000.00        43,750,000.00      625,000,000.00
                                 

                                       Series
     Floating Investor Percentage            6.09%       88.00%              5.00%         7.00%                  100.00%
     Fixed Investor Percentage               6.09%       88.00%              5.00%         7.00%                  100.00%

(vi) Receivables Delinquent (As % of Total Receivables)
            Current                                                                                                95.05%
            30 to 59 days                                                                                           1.69%
            60 to 89 days                                                                                           1.15%
            90 or more days                                                                                         2.11%
                                                                                                               -----------
                                   Total                                                                           100.00%
                                   Receivables

(vii) Investor Default Amount                    2,772,444.79         157,525.27          220,535.38         3,150,505.44

(viii) Investor Charge-Offs                              0.00               0.00                0.00                 0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions        0.00               0.00                0.00

(x)    Servicing Fee                               458,333.33          26,041.67           36,458.33           520,833.33

(xi)   Portfolio Yield (Net of Defaulted                                                                           12.44%
         Receivables)

(xii)  Reallocated Monthly Principal                                        0.00                0.00                0.00

(xiii) Closing Investor Interest
          (Class A Adjusted)                   550,000,000.00      31,250,000.00       43,750,000.00      625,000,000.00

(xiv)  LIBOR                                                                                                      5.4961%

(xv)   Principal Funding Account Balance                                                                           0.00

(xvi)  Accumulation Shortfall                                                                                      0.00

(xvii) Principal Funding Investment Proceeds                                                                       0.00

(xviii) Principal Investment Funding Shortfall
                                                                                                        ===============

(xix)Available Funds                             8,015,621.33         455,433.03         637,606.24       9,108,660.60

(xx) Certificate Rate                                 5.9800%            6.1600%            6.2461%
Chemical Bank - Retail Card Services Group                                                                    Monthly Report
Certificateholders' Statement                                 Chemical Master Credit Card Trust I
                                                                      Series 1996-3

Section 5.2 - Supplement                                  Class A             Class B           Collateral           Total
- -----------------------------------------------------------------------------------------------------------------------------------
(i)  Monthly Principal Distributed                           0.00               0.00                 0.00             0.00

(ii) Monthly Interest Distributed                    2,434,132.89         141,813.47           176,269.11     2,752,215.47
     Deficiency Amounts                                      0.00               0.00                 0.00
     Additional Interest                                     0.00               0.00                 0.00
     Accrued and Unpaid Interest                                                                     0.00             0.00

(iii)Collections of Principal Receivables           39,358,071.23       2,236,242.11         3,130,857.49    44,725,170.82

(iv) Collections of Finance Charge Receivables       6,347,500.48         360,651.51           504,931.23     7,213,083.22

(v)  Aggregate Amount of Principal Receivables                                                           10,265,209,358.89

                             Investor Interest     411,983,000.00      23,408,000.00        32,772,440.86   468,163,440.86     
                             Adjusted Interest     411,983,000.00      23,408,000.00        32,772,440.86   468,163,440.86
                                          
                                             Series
     Floating Investor Percentage                4.56%         88.00%       5.00%         7.00%                  100.00%
     Fixed Investor Percentage                   4.56%         88.00%       5.00%         7.00%                  100.00%

(vi) Receivables Delinquent (As % of Total
     Receivables)
            Current                                                                                               95.05%
            30 to 59 days                                                                                          1.69%
            60 to 89 days                                                                                          1.15%
            90 or more days                                                                                        2.11%
                                                                                                                 -------
                                          Total Receivables                                                      100.00%

(vii) Investor Default Amount                       2,076,727.49          117,995.25         165,199.61     2,359,922.35

(viii) Investor Charge-Offs                                 0.00                0.00               0.00             0.00

(ix)   Reimbursed Investor Charge-Offs/Reductions           0.00                0.00               0.00

(x)    Servicing Fee                                  343,319.17           19,506.67          27,310.37       390,136.20

(xi)   Portfolio Yield (Net of Defaulted Receivables)                                                              12.44%

(xii)  Reallocated Monthly Principal                                            0.00               0.00             0.00

(xiii) Closing Investor Interest (Class A
            Adjusted)                             411,983,000.00       23,408,000.00      32,772,440.86   468,163,440.86

(xiv)  LIBOR                                                                                                      5.4961%

(xv)   Principal Funding Account Balance                                                                            0.00

(xvi)  Accumulation Shortfall                                                                                       0.00

(xvii) Principal Funding Investment                                                                                 0.00
         Proceeds

(xviii) Principal Investment Funding
          Shortfall
                                                                                                            ================

(xix)   Available Funds                             6,004,181.31          341,144.84         477,620.87     6,822,947.02

(xx)    Certificate Rate                                  7.0900%             7.2700%            6.2461%
Exhibit 20.2

                            LETTERHEAD OF PRICE WATERHOUSE LLP

                          1177 Avenue of the Americas   Telephone 212 596 7000
                          New York, NY  10036           Facsimile 212 596 8910

Price Waterhouse LLP

Report of Independent Accountants

June 21, 1996

To the Board of Directors of Chemical Bank
Chemical Bank

We have examined management's  assertion,  that as of December 31, 1995 Chemical
Bank  maintained  an  effective  system of internal  control  over  servicing of
securitized  credit card  receivables,  included in the accompanying  Management
Report  on  Internal   Control  over  Servicing  of   Securitized   Credit  Card
Receivables.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
obtaining an understanding  of the internal control  structure over servicing of
securitized  credit  card  receivables,  testing and  evaluating  the design and
operating  effectiveness  of the internal  control  structure  over servicing of
securitized credit card receivables,  and such other procedures as we considered
necessary  in the  circumstances.  We believe  that our  examination  provides a
reasonable basis for our opinion.

Because of the inherent limitations in any internal control structure, errors or
irregularities  may  occur  and  not  be  detected.  Also,  projections  of  any
evaluation  of the system of internal  control  over  servicing  of  securitized
credit  card  receivables  to future  periods  are  subject to the risk that the
internal  control  structure  may  become  inadequate   because  of  changes  in
conditions, or that the degree of compliance with the policies or procedures may
deteriorate.

In our opinion,  management's  assertion that, as of December 31, 1995, Chemical
Bank  maintained  an  effective  system of internal  control  over  servicing of
securitized credit card receivables, is fairly stated, in all material respects,
based upon the criteria for effective  internal  control  described in "Internal
Control   Integrated   Framework"   issued  by  the   Committee  of   Sponsoring
Organizations of the Treadway Commission.

Signed:  Price Waterhouse LLP
LETTERHEAD OF THE CHASE MANHATTAN BANK

100 Duffy Avenue
Hicksville, NY  11801-3699

June 21, 1996

Management Report on Internal Control over Servicing of Securitized Credit Card 
Receivables

Chemical Bank is  responsible  for  establishing  and  maintaining  an effective
system  of  internal   control  over  servicing  of   securitized   credit  card
receivables,  which is designed to provide  reasonable  assurance  regarding the
proper  servicing of securitized  credit card  receivables.  The system contains
self-monitoring  mechanisms,  and actions are taken to correct  deficiencies  as
they are identified.

There are inherent  limitations in the  effectiveness  of any system of internal
controls,  including the  possibility  of human error and the  circumvention  or
overriding of controls.  Accordingly,  even an effective internal control system
can provide only  reasonable  assurance with respect to servicing of securitized
credit  card  receivables.  Further,  because  of  changes  in  conditions,  the
effectiveness of an internal control system may vary over time.

Chemical Bank management  assessed its system of internal control over servicing
of  securitized  credit card  receivables as of December 31, 1995 in relation to
criteria  for  effective  internal  control  described  in  "Internal  Control -
Integrated Framework" issued by the Committee of Sponsoring Organizations of the
Treadway Commission.  Based on this assessment,  management believes that, as of
December 31, 1995,  Chemical  Bank  maintained  an effective  system of internal
control over servicing of securitized credit card receivables.

Signed:  Charles R. Walsh
         Charles R. Walsh
         Executive Vice President
         Chemical Bank

Signed:  Richard L. Craig
         Richard L. Craig
         Managing Director
         Chemical Bank