Step 1: In a medium bowl, combine the graham cracker crumbs, granulated sugar, and melted butter. Mix until well combined. Press this mixture firmly and evenly into the bottom of a 9x13 inch baking dish. Refrigerate for at least 30 minutes to set the crust.
Step 2: In a separate bowl, beat the softened cream cheese and powdered sugar together until the mixture is smooth and creamy. Spread this cream cheese layer evenly over the chilled graham cracker crust.
Step 3: Arrange the sliced bananas in an even layer over the cream cheese mixture. Ensure the entire surface is covered with bananas.
Step 4: Next, spread the well-drained crushed pineapple evenly over the layer of bananas.
Step 5: Gently spread the thawed whipped topping over the pineapple layer, covering all the fruit completely. Sprinkle the chopped peanuts (if using) evenly over the whipped topping, and then artfully arrange the maraschino cherries on top for garnish.
Step 6: Cover the baking dish loosely with plastic wrap and refrigerate for at least 6 hours, or preferably overnight, to allow the cake to set completely and the flavors to meld. Slice and serve chilled.