2. Opened Vending-Machine (1).psd (I redownloaded your update from earlier).
3. The dialogue box reads: "This document contains unknown data which will be discarded to keep layers editable. To preserve the original appearance instead, choose Flatten to load composite data as a flattened image." I chose Keep Layers.
4. Located "Place Graphic Here" layer group. The Effects layers above it seem to have no discernable effect when toggled on or off.
5. Toggled off PLACEHOLDER layer just to make sure. What appears behind is a brick of solid grey, no shadow or glow effects visible.
Tried resaving the image to a PNG. This is the result.

Which doesn't seem so bad except when compared to one of yours from earlier:


[edit] And just to be clear, I did remember to re-enable any layers I'd disabled.











