Banks was born in Murray, Utah.
Among church positions Banks held prior to his call as a general authority was that of stake president and bishop. From 1987 to 1989 he was president of the church's Scotland Edinburgh Mission.
On 1989-04-01, Banks was called as a member of the Second Quorum of the Seventy; he became a member of the First Quorum of the Seventy in 1992. Among other assignments while a general authority, Banks served for a time as Assistant Director of the church's Historical Department. He served as president of the Utah South Area of the church during the late 1990s. In 1997, Banks presided at the groundbreaking for the Monticello Utah Temple.
In 2002, Banks became an emeritus general authority and the president of the Jordan River Utah Temple. He continued in this position until 2005.
In September 2005 Banks was called to serve with his wife Susan as directors of Church Hosting. He was still serving as in this position in 2006.