When an internet connection (specifically in online gaming) is lagging to the point that one's character will jump from one place to another, as though it were being snapped around with a rubber band.
Joe: Dude, I think that guy is hacking. He's teleporting!
Adam: Nah, his ping's 834. He's just Rubber Banding.
When a person who generally has attachment issues pulls back from another person either after getting close to them or spending a large amount of time with them. Usually the time spent away from the person must be equal or greater to the time spent with them. The more time/the closer they get, the longer they'll pull away. Generally they will come back after being pulled away (like a rubber band) but will eventually pull back again in the future.
Person 1: Hey have you heard from Rick since y'all went out?
Person 2: No. We had a really good time but he has a habit of rubber banding.