Vickie,
I said:
That way (assuming again you have "New Users Moderated" checked) the
joining member will be assigned the "Override: moderated" ('M') posting
privilege, which will stay in effect until you manually change it.
Oops, I made a mistake. Testing shows that having New Users Moderated checked results in the joining member being assigned the "Override: new user moderated" ('NuM') posting privilege, regardless of whether "Unmoderate After" is enabled or not.
No matter, it has the same effect: if Unmoderate after is not enabled the new member remains moderated until you manually change their posting privilege.
-- Shal
Shal Farley