We consider the membrane model, that is the centered Gaussian field on $\mathbb Z^d$ whose covariance matrix is given by the inverse of the discrete Bilaplacian. We impose a $δ-$pinning condition, giving a reward of strength $\varepsilon$ for the field to be $0$ at any site of the lattice. In this paper we prove that in dimensions $d\geq 4$ covariances of the pinned field decay at least stretched-exponentially, as opposed to the field without pinning, where the decay is polynomial in $d\geq 5$ and logarithmic in $d=4.$ The proof is based on estimates for certain discrete Sobolev norms, and on a Bernoulli domination result.