That sounds like 'Penetrating Bands' or as it is better known these days, 'Crazy Man's Handcuffs' You will find it described in the book, 'Elastrix: the encyclopaedia of rubber band magic' by Ed Mishell and Abe Hurwitz (there are lots of other good rubber band effects in this book too)
http://www.magicbooksbypost.co.uk/shop/ ... ll&id=1702 and you will find it on various rubber band magic DVD's.
Michael Ammar has a booklet of the same name available, here is a description
http://www.penguinmagic.com/p/S13531 Michael's book is available in the UK, here
http://www.magicbooksbypost.co.uk/shop/ ... ull&id=104 After all that, I hope it's the effect you meant!
