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Money was only transferred to Valve one time and that was for the successful transaction.
Take a look at this: Steam Support > Buying Games through Steam and Billing Questions
http://en.wikipedia.org/wiki/Authorization_hold
Just the other day I purchased Child of Light, had a failed purchase the first time (timed out). Second time it went through. Had two charges for 14.99 on my card on hold. Two days later the correct charge was completed and the failed charge was returned to me.