For most students, the first week of september is when osap funds are actually released, so I wouldn't worry too much. Since there are so many students it's understandable that the office is backed up. It would be best to contact the OSAP office or go to Gilmour Hall Room 120 just to make sure you are registered and that your direct deposit information is correct.
Here's the link to the mcmaster financial aid office in case its easier to call:
http://sfas.mcmaster.ca/office.html