- Text can have Layer Style effects applied to it. Open the Layer Styles window by clicking Fx at the bottom of the Layers Window, or double clicking on the blank part of a Layer. If you add a colour to the text then for once the Opacity Slider controls the opacity of the text and the colour at the same time. The Fill slider controls only the fill and leaves the text image as being transparent, but the Layer Style effects remain visible. (See Opacity and Fill).
- How to Create a Custom Text Box Shape in Photoshop by Photoshop Video Academy.
Linked From - Opacity and Fill