Although economic incentives are widely used to promote participation in waste bank programs, this study questions whether they may potentially undermine intrinsic motives, such as social, environmental, and educational values. An analysis survey data from 303 Indonesian citizens reveal that economic and non-economic motives—especially social and educational—coexist. In this case, collective efficacy was found to moderate the relationship by transforming the negative effects of non-economic motives on waste bank participation into positive outcomes. However, the impact on economic motives was found to be insignificant. The results of this study imply that fostering collective efficacy may improve non-economic motives and lead to more sustainable community engagement in waste management.