You didn't specify what type of projector you have, but I'll assume it's a DLP. I don't know a lot about the technology, but it sounds like maybe a DLP chip is bad. I wouldn't expect a color wheel problem to manifest itself with a white vertical band.
Do you see the band when the projector is first turned on, or does it occur after it's been on?
I hate to say it, but it sounds expensive (I hope it's not!).