They will love banana peels, and over-ripe bananas too.

Russ..You can feed your worms anything organic. Some things, like banana peels take a longer time to decompose. If you were to put many in a small bin, you could very well end up with fruitflies, as they have time to hatch out in your bin.
If you have a larger bin and lots of worms, you would fare better. You can also microwave or freeze those peels to kill the eggs, and speed up decompostion.

You can also try putting your peels in a food processor first to facilitate the process before feeding it to the worms. I do that for hard/large foods like okra tops and banana peels.

Mamaworm, you are doing the worms' work for them then! LOL!

Ha, ha Socks! Yes, I am new to vermicomposting and am petrified that the food will rot before the worms eat it all (the bin has already been infested by ants), so I tend to puree hard food before adding it to the bin.

The worms won't eat the food UNTIL it rots.

You can also microwave or freeze those peels to kill the eggs, and speed up decompostion.

sqh1: thanks so much! I had no idea and been disappointed that it takes so long for my banana peels to decompose.

Catalina

Puravida is correct. The worms eat the micro organisms that work to break down the food. They'll also reprocess the (ahem) waste from other bugs and organisms like springtails, fungas gnats, mold mites, etc.

Ants can be a big problem especially in the warmer climates (adding your zone to your profile can help when we answer your questions), but almost always if the bin is sitting on or near the ground. I have a large flow-though bin that sits in my garage on cement blocks on a cement pad and haven't had any ant problems in the bin for the 3 years it's been there. If you can put your bin on somthing like this so it is elevated off the ground and then use that sticky stuff (mostly sold for trees) to paint bands that the ants can't cross, you may have less trouble. Good Luck!