Can I hide the WordPress toolbar from members?

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 find this setting:

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.