Does photoshop elements have layer channels?

I have been trying to find some cool text effects online but all of them you have to edit the ';layer channels'; but my photoshop elements 3.0 doesnt seem to have it. Or am I just looking in th wrong place.Does photoshop elements have layer channels?
On your layer menu (most probably bottom right) you should see an icon which says fx in italics. Before clicking it, select the layer to which you want to add the effects (it can be text or pics or anything) and then click the 'fx' it should bring a window with a LOT of options - you'll get it once you see it.





Hope this helps :D

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