A band in a dream represents something that is holding you back. Something that is tied together with a band in a dream can represent a part of you that is being repressed. It can also represent a goal that you have been prevented from achieving.
The band itself can symbolize the force that is restricting you. This can be a situation, another person or even yourself.
What happens if you try to remove the band? Does it come off easily? Does it break? Does it snap and hurt you? If you are injured when you remove the band in your dream, you could be afraid that releasing a repressed emotion or expressing thoughts that you have been hiding from others will cause you harm.