In a medium bowl, combine the vanilla wafer crumbs and melted butter until the mixture resembles wet sand.
Press the crumb mixture evenly into the bottom of a 9×13 inch baking dish to form the crust. Place in the refrigerator to chill while preparing the filling.
In a large mixing bowl, whisk together the instant vanilla pudding mix and cold milk until thickened, about 2 minutes.
In a separate bowl, beat the softened cream cheese, granulated sugar, and vanilla extract together until smooth and creamy.
Fold the cream cheese mixture into the pudding until fully combined.
In another chilled bowl, whip the heavy cream until stiff peaks form.
Gently fold the whipped cream into the pudding and cream cheese mixture until smooth and fluffy.
Remove the crust from the refrigerator and spread half of the pudding mixture evenly over the crust.
Arrange a layer of sliced bananas evenly over the pudding layer.
Spread the remaining pudding mixture over the bananas, smoothing the top.
In a medium bowl, dissolve the strawberry gelatin powder in boiling water, stirring until completely dissolved.
Add the cold water to the gelatin mixture and stir to combine.
Allow the gelatin to cool to room temperature but not set.
Pour the cooled gelatin evenly over the top of the pudding layer.
Refrigerate the cake for at least 4 hours or until the gelatin is fully set.
Before serving, garnish the top of the cake with halved maraschino cherries, chopped walnuts, and mini chocolate chips to mimic the classic banana split toppings.