I bet the probes are working fine. If the pump is turbine drive, then get it going about 200 rpm and see what the monitors read. If it is still that high level, then the problem is runout in the probe area. If it is motor drive, bump the motor or start it up and shut it down, and watch the monitor when the shaft speed slows down to around a couple hundred rpm. Again if the vib level is high, you have a shaft runout issue.
Things that can cause the probes to read high to very high include: Chrome in the probe track, residual magnetic fields (check the shaft gauss), a scratch or scratches in the probe track, a shaft that is not truely round, a bent shaft (which is a real problem that needs to be fixed), a shoulder or keyway in or near the probe track, improper grounding of the probes resulting in a ground loop, and probes mounted too close together causing cross talk.
Oh, and high vibration as well! What are the clearances and what are the levels you are reading? Depending on axially where the probes are mounted it is possible to have a vibration reading that is higher than the bearing clearance value. Another common problem is to have a stub shaft mounted to the end of the rotor, and then make the vibration readings on the stub shaft. If the stub shaft is not true then the readings will be high...