Banking and trading modes are two common mechanisms for managing recyclable waste materials (RWM). They contribute substantially towards minimizing the volume of waste to be disposed at landfill sites. They also create income earning opportunities for the poor. People commonly trade RWM to junk dealers in order to receive direct financial gains. Waste banks are established as social enterprises targeting co-benefits such as awareness building, environmental quality improvement, and resource recovery and recycling, in addition to financial gains. People can deposit RWM in a waste bank and gain financial benefits as they deposit cash in a commercial bank and receive interest. In the process, waste banks generate co-benefits to the community where the bank is located. However, it has been observed that most stand alone waste banks fail as social enterprises against the stiff competition from junk dealers. People prefer the immediate and direct financial gains that the trading mode offers compared to the collective benefits that the banking mode offers to their community as a whole. A study revealed that a network of waste banks can generate profits and co-benefits while stand alone waste banks often fail. This paper presents the experience of establishing a community based waste bank as a demonstration project in an urban municipality in Thailand. The experience reveals that stand alone waste banks can be made viable if value added services and products are made an integral part of the banking mode of operation.