From WIKIPEDIA article on Autotransmissions.
Clutches and bands: to effect gear changes, one of two types of clutches or bands are used to hold a particular member of the planetary gearset motionless, while allowing another member to rotate, thereby transmitting torque and producing gear reductions or overdrive ratios. These clutches are actuated by the valve body (see below), their sequence controlled by the transmission's internal programming. Principally, a type of device known as a sprag or roller clutch is used for routine upshifts/downshifts. Operating much as a ratchet, it transmits torque only in one direction, free-wheeling or "overrunning" in the other. The advantage of this type of clutch is that it eliminates the sensitivity of timing a simultaneous clutch release/apply on two planetaries, simply "taking up" the drivetrain load when actuated, and releasing automatically when the next gear's sprag clutch assumes the torque transfer. The bands come into play for manually selected gears, such as low range or reverse, and operate on the planetary drum's circumference. Bands are not applied when drive/overdrive range is selected, the torque being transmitted by the sprag clutches instead. Bands are used for braking; the GM Turbo-Hydramatics incorporated this