When do you get return offers?

I've searched threads on here, but I can't find anything explicitly saying. I'm getting ready to start researching for internships next summer. Most of the threads on here talk about how they haven't received offers and it's September. Is that the September of their senior year, right after their internship?

If so, wouldn't that make senior year pretty chill? Also, are these return offers verbal/can be taken back or are they actually written agreements? Ex. if you got a return offer at the bank you worked with during the summer, and you wanted to work there, would you apply anywhere else for FT?

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