Banana Split Parfaits

Beat pudding mix and milk in large bowl with whisk 2 min. Stir in 1-1/2 cups whipped topping; spread into 8-inch square pan. Freeze 3 hours or until firm enough to scoop.

Chop 16 wafers. Spoon scant tablespoonful of the chopped wafers into each of 8 parfait glasses or dessert dishes. Scoop 1/4 cup of the pudding mixture into each glass; sprinkle with remaining chopped wafers.

Cut bananas lengthwise in half, then cut each piece crosswise in half. Stand 1 banana piece in each parfait glass. Fill with remaining whipped topping and wafers; top with cherries. Serve immediately.