Automatically update the Application Setting using the binding from VS.Net Designer

It's possible to bind a property to an existing application setting using the designer, that way I don't have to write something like

textBox.Text = Settings.Default.Name;

when initializing my form.

Now it looks like the binding stops there, ie if I change the value of my setting, it won't update the value in my textbox and vice versa.

Is it normal or am I missing something?