WCF timeouts on the server side seem not to do anything

Question

The timeout values on the server side seem not to do anything. I host a WCF Service on IIS and have the following binding:

<bindings>
  <wsHttpBinding>
    <binding name="transactionalBinding" transactionFlow="true" sendTimeout="00:00:01" receiveTimeout="00:00:01" openTimeout="00:00:01" closeTimeout="00:00:01">
      <security mode="Transport">
        <transport clientCredentialType="None" proxyCredentialType="None" realm=""/>
      </security>
    </binding>
  </wsHttpBinding>
</bindings>

In my service method I sleep for 10 seconds. I do not get a timeout exception when calling my service method from a client.