On 22 October 1972, while driving home from a session of work on his injured shoulder with the Stoke physiotherapist, Banks lost control of his new Ford Consul (a re-badged Ford Granada Mk I) car, which ended up in a ditch. He had attempted to overtake a car on a sharp bend and collided with an oncoming Austin A60 van. He was taken to the North Staffordshire Hospital and during an operation received 200 stitches in his face and over 100 micro-stitches inside the socket of his right eye, and was told the chances of saving the sight in his eye were 50–50. His sight never returned, and as the loss of binocular vision severely limited his abilities as a goalkeeper, he retired from professional football the following summer.