The lawsuit filed this week claims Chase violated truth-in-lending laws and breached a contract when it cut him off in May, leaving him unable to post bond or pay his attorneys.
Peterson's attorney told the Joliet (Ill.) Herald-News that if the funds remain frozen, Peterson will ask the court to approve taxpayer funds to pay for his defense.
Peterson, a former Bolingbrook police officer, remained in jail Wednesday awaiting trial for the murder of his third wife, Kathleen Savio, in 2004. His fourth wife, Stacy Peterson, disappeared in October 2007.
Peterson has denied playing any role in either case.