Shortcode tag displays publically

I'm using the premium membership plugin and am using shortcode protected content. I have shortcode visibility default to "yes" and have setup a shortcode called freemium (see 1st screenshot). I have restricted access to the shortcode content on the anonymous user (guest) member level, but leave access open to the registered members level.

The shortcode restriction works great for the anonymous / guest user member level. When a registered member looks at the page, they do see the restricted content, BUT they also see the actual shortcode tags. (see 2nd screenshot). What could be causing this and how can I fix it so that the shortcode tags don't appear?