The banner has the bounding box of signs, thus an incorrect height. Anything you try to place on it (like mob heads) is placed in the middle of the banner.
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Is there anyone that thinks that this is a bug, or is the community consensous that this is intentional?

I believe it is a bug. Other 2-block blocks like beds and doors work fine, why shouldn't banners?

@Searge
Banners should be either one or two blocks tall, but currently they are sort of halfway. Blocks can be placed inside the top part, but liquids don't flow through it. Something here is clearly wrong.

KingSupernova, its Mojang's decision to decide what's a bug and what's intended. They don't have to justify why they did something.