Hi all,
We just had a repairman out and he said that the transmission is bad on our washer and we should just buy a new one. I have not noticed any noise (other than the banging) and have not had any burning smells. I am not convinced that the transmission is the problem. Any help would be appreciated!

There's a good chance your suspension (shocks) are weak and faulty. Common problem with whirlpool. Push agitator down. It should bottom out with some resistance. If it bottoms out easily, almost like bouncing a basket ball, well they will need to be replaced. The most common among many part numbers end with the number 48. Look on YouTube for a video on how to replace.