Bank depositor behavior has been associated with bank specific characteristics, bank-runs and contagion effects. The recent debt crisis events in the Euro Area and particularly in Greece have caused major withdrawals and have weakened the banking system’s credibility. This thesis aims to investigate the impact of macroeconomic factors like country risk on depositor behavior. Aggregate data from Eurozone countries were used in panel model regressions. The selected time period covers the years from 2004 to 2017 in order to also estimate the impact of the Global Financial Crisis and the Eurozone Debt Crisis. We find that total deposits in a country are affected by domestic macroeconomic factors and, in particular, by country risk, unemployment and economic sentiment. During the post-crisis period, depositors seem to be more responsive to country risk, while the effect of other factors seems to decline.