Please try running the Collect Bounced Mail scheduled task.
It's possible there may be a misconfiguration that's preventing vBMail from fetching the bounced emails, or you're using the Automatic handling and the receiving mail server stripped vBMail's headers before returning the email.
In the case of the latter, when vBMail sends emails it adds 2 special headers to the email that lets it know who it bounced from and from what mailing list.
In the Automatic mode, if those headers are missing from the return email, it will discard the email outright (it will believe the email is an email manually sent to your bounce email address).
Also, you should ensure that in Email Options (vBulletin, not vBMail) you set the Bounced Email Address setting to the same email you've configured for vBMail.
Fillip
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