He was selected with the thirteenth pick in the first round of the 2003 NBA draft by the Memphis Grizzlies, then traded to the Boston Celtics, along with Kendrick Perkins.

Banks was selected as the thirteenth pick in the first round of the 2003 NBA draft by the Memphis Grizzlies; however, he was then traded to the Boston Celtics along with Kendrick Perkins for Troy Bell and Dahntay Jones.

[2] However, coach Doc Rivers had high hopes for young guard Delonte West, and Banks' minutes were reduced.

On January 26, 2006, it was announced that Banks, Mark Blount, Ricky Davis and Justin Reed were traded to the Minnesota Timberwolves for Wally Szczerbiak, Michael Olowokandi and Dwayne Jones.

On November 20, 2010, Banks was traded to the New Orleans Hornets with Jarrett Jack and David Andersen for Peja Stojaković and Jerryd Bayless.