In a large mixing bowl, combine crushed vanilla wafers, softened cream cheese, dry banana pudding mix, milk, and vanilla extract. Mix together until uniform and dough-like.

Using a tablespoon or cookie scoop, portion out the mixture and roll it into bite-sized balls, roughly 1-inch in diameter. Place them onto a parchment-lined baking sheet.

Transfer the baking sheet to the refrigerator and allow the truffles to chill for about 30 to 45 minutes until firm.

In a microwave-safe bowl, add white chocolate chips or candy melts. Microwave in intervals, stirring frequently until melted and smooth.

Dip each chilled truffle into the melted chocolate using a fork to roll it. Allow excess chocolate to drip off before placing the truffles back on the sheet.

Before the chocolate hardens, immediately sprinkle each truffle with crushed vanilla wafers or festive sprinkles.

Let the truffles sit at room temperature until the chocolate hardens completely. Then arrange them in a decorative bowl for serving.