Yes, you can!
As of version 2.7 there's an option in the settings panel for this very purpose. Navigate to Restrict > Settings > Misc and select the Disable WordPress Toolbar option.
When checked on, the toolbar will be disabled for all users except those with the "edit_posts" capability.
If you also want to ensure your members can't access any parts of the WordPress dashboard, you can install the Remove Dashboard Access plugin from WordPress.org.