3ds Max :: PNG Imports Incorrectly From Photoshop?

I'm using save for web from Photoshop to save a png 24 (so, with transparency). When using png files with transparent backgrounds the colors end up showing a bounding boxes of each element. So if I have a solid black zero, and a red TM om the same image it looks fine everywhere except 3dsMax. In Max it shows as a big black box, and a little red box. The alpha channel reads just fine though.

I am quite annoyed that I have to go back and save all my maps as jpgs with one of them being an alpha map if I want to see them properly in the viewport. I can use the images because it only messes up the outside of the color, but it's difficult to map the placement of certain images. Surely a few people here use Photoshop to create png files for import into Max right?