What is it called? (text in Photoshop)

[technicolor]

The technical name for text in photoshop that is clear, meaning you can see the layer underneath it as the fill?

 

[one3]

Hmmm .. not sure what you mean.
You can do such an effect by doing a Layer Mask - using the text outline as the mask for the layer below it.
Not sure if that helps or not....

 

[ATD]

knockout

 

[one3]

knockout ... right you are

 

[technicolor]

knockout

Thanks.

I was also able to acheive a similar effect you using screen layering as well

 

[ATD]

I was not sure if you were looking for a name or a tool in PS. It's called a knockout but you will not find that as tool in PS. Both ways you guys are doing it will work fine.