palmtree

Sounds like too much water to me as well. Bananas only like water when its very warm and sunny. Mine are occasionally soaked but always dry out this time of the year. Last june was the coldest june ever here and the rainiest and my dwarf cavendish actually started rotting but I quickly repotted it into a new and better draining pot with better soil and it grew very well after that.
But you learn from your mistakes. For some reason people think bananas really love water some think they make good pond plants but its not true. They can tolerate lots of water and dont like to dry out when its hot outside, but they dont like standing in water for long periods of time.

Good luck!

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Location: New York City, zone 7b