Line bottom and sides of 8 x 8 x 2-inch square or 1 ½-quart dish with half of wafers.
In medium saucepan combine milk and pudding mix. Cook and stir over medium heat until boiling. Remove from heat. Pour hot pudding mixture into bowl. Cover surface of pudding with plastic wrap. Refrigerate at least 3 hours or until pudding is completely cooled.
Top wafers with half of banana slices, half of pudding, then whipped topping. Repeat layers using remaining wafers, banana slices, pudding and whipped topping.