Moderate Registration setting doesn't do anything

I setting up a membership-based site and want new members to be able to self-register, but their registrations must be approved before they are allowed to access private content. I have set the “Moderate Registration” to on, but as soon as a new member submits their registration, they are able to log in. The system is not holding new registrations for admin approval.

http://jpfaca.bearsatfort.com/

https://wordpress.org/plugins/rs-members/