Does the Volt meter put a load on the battery when you checked it? If not you will be reading the floating voltage that may drop off under load. YOu can buy one that you can add a load by clicking a switch like this at Tower Hobbies. It has the ability to add a simulated R/C load of 250mA for each setting.
http://www2.towerhobbies.com/cgi-bin...?&I=LXWW16&P=7[8D]