Yes that should be the simpler behavior actually - right when they overlap, pin player to object (suggest adding Trigger Once as well).
I made an example for someone else, for picking up an object. Not exactly what your situation, but you should be able to get the idea.
https://www.dropbox.com/s/gf5pnjr3jcrwr ... .capx?dl=0
Seems to help a bit but I'm scratching my head at an inconsistency where the player doesn't want to follow the object's movements. It sticks to one position for a moment while overlapping only.