I was told that the port was going to be under the bottom rib on the left side, but my port is just above the belly button. I just thought that was weird.

They place the port based on your anatomy. I also thought mine was going to be under my ribcage, but it ended up to the left of my bellybutton, and a hair below it. It's right under the largest incision. When I asked the doctor about it, he said that was the best spot given the length between my ribs and my waist. He also took into consideration where the waistline of my pants would be hitting. They place it strategically based on the layout of your particular body, and they have to consider how the tubing will layout as well.

The placement varies by doctor and individual. Mine is between my rib cage and belly button.

Ok. That all makes sense now. The only problem I'm finding is that my port is right there where I bend, so I feel it when I bend over.

Since you are newly banded, what you are feeling is most likely swelling from surgery. I felt that as well, but it should subside once you are healed. It can take a good four weeks.