Advantages
Less painful that haemorrhoidectomy(excision of haemorrhoids)
Does not require general anaesthesia
Can be applied at the end of a colonoscopy procedure

Limitations
Haemorrhoids that are too large may not be successfully banded – this may require surgery.

Risks
Discomfort/feeling of going to the toilet – this is when the rubber bands pulls on the lining of the rectum
Bleeding – when the haemorrhoids fall off over the next 2 weeks
Pain – this can happen if the haemorrhoids is banded too low down(ie below the dentage line), this can also happen if one tries to band a prolapsing haemorrhoid. However the pain is certainly less than for a haemorrhoidectomy
Infection – uncommon

Other alternative options of treating haemorrhoids
1. Injection with phenol in almond oil – this has risks of extravasation and pelvic sepsis(During my training, I can recall a case in England who came in via ED with severe pelvic pain after the phenol was injected outside the lining of the rectum. She had just had her haemorrhoids injected the day before by a very capable consultant)
2. Haemorrhoidectomy – this involves excising the haemorrhoid +- associated anal skin tag. If only one is to be excised, this can be done under local anaesthesia in the rooms. If more than one needs to be excised, best to be done in an operating theatre under anaesthesia(either general anaesthesia or spinal anaesthesia)