A JCB forklift ripped the machine out of the wall at the Halifax Bank in Church Street, Armthorpe, in a raid carried out at 4.05am today.
The machine was then loaded into the back of a van, which drove off from the scene along with a red car.
Police officers have cordoned off the bank, which suffered extensive damage in the raid.
A South Yorkshire Police spokeswoman said: "A report was received at around 4.05am this morning that a JCB had been driven into a wall containing an ATM machine on Church Street in Armthorpe, Doncaster.
"The ATM machine was pulled from the wall and reportedly loaded into a van which fled the scene, along with a red coloured car.
"There were no injuries suffered by anyone.
"There are a number of officers and CSI present this morning in the area conducting enquiries and examining the scene."
Anyone with information should call South Yorkshire Police on 101 quoting incident number 91 of October 27.