It is not really a band, but a set of clutches, or a clutch pack. It means that you no longer have a 4th gear (overdrive) because the clutches are either burnt, or the seals that control the pressure are no longer sealing. It is also the weakest of all clutch asemblies in the transmission. You will need a transmission overhaul.
On a 1998 Ford Explorer, Overdrive Band Failed Off means that the vehicle did not shift into Overdrive properly. The band for this gear should be serviced soon.
The band that controls second and fourth gear has failed. Usually about a $400 repair at a transmission shop.
The small sun gear freewheels, and the larger sun gear is held by the overdrive band.
On Fords, that usually indicates transmission codes. Usually the 2nd/4th gear band has failed. Can be fixed around $400 at a trans. shop.
Light being on means overdrive is inactive
If it was a manual trans it was a five speed. If it was an auot then it was a three speed with an electronic overdrive. So with the electronic overdrive it was a four speed trans but the overdrive failed frequently and was disabled by many owners.
A failed assumption
He was vocals (sometimes) and lead guitarist in Bachman-Turner Overdrive. He played acoustic though.
You will have to remove the instrument cluster. This may be an LED that should never have failed.
If the overdrive's off light is on that means it's off. If it is off then the overdrive is on.